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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 2020
Commission File Number
Spirit Realty Capital, Inc.
001-36004
Spirit Realty, L.P.
333-216815-01
SPIRIT REALTY CAPITAL, INC.
SPIRIT REALTY, L.P.
(Exact name of registrant as specified in its charter)
Spirit Realty Capital, Inc.
Maryland
20-1676382
Spirit Realty, L.P.
Delaware
20-1127940
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
2727 North Harwood Street , Suite 300 , Dallas , Texas
75201
( 972 )
476-1900
(Address of principal executive offices; zip code)
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of exchange on which registered
Common Stock, $0.05 par value per share
SRC
New York Stock Exchange
6.000% Series A Cumulative Redeemable
Preferred Stock, $0.01 par value per
share
SRC-A
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Spirit Realty Capital, Inc.
None
Spirit Realty, L.P.
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Spirit Realty Capital, Inc. Yes
☒
No
☐
Spirit Realty, L.P.         Yes
☐
No
☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Spirit Realty Capital, Inc.         Yes
☐
No
☒
Spirit Realty, L.P. Yes
☒
No
☐
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Spirit Realty Capital, Inc. Yes
☒
No
☐
Spirit Realty, L.P.         Yes
☐
No
☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Spirit Realty Capital, Inc. Yes
☒
No
☐
Spirit Realty, L.P. Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Spirit Realty Capital, Inc.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
Spirit Realty, L.P.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Spirit Realty Capital, Inc.
☐
Spirit Realty, L.P.
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Spirit Realty Capital, Inc.         Yes
☒
No
☐
Spirit Realty, L.P.       Yes
☒
No
☐
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2
of the Exchange Act).
Spirit Realty Capital, Inc.         Yes
☐
No
☒
Spirit Realty, L.P.       Yes
☐
No
☒
As of June 30, 2020 (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate market value of Spirit Realty Capital, Inc.’s shares of common stock, $0.05 par value, held by
non-affiliates
of the Registrant, was $ 3.6 billion based on the last reported sale price of $34.86 per share on the New York Stock Exchange on June 30, 2020.
There is no public trading market for the common units of limited partnership interest of Spirit Realty, L.P. As a result, the aggregate market value of the common units of limited partnership interest held by
non-affiliates
of Spirit Realty, L.P. cannot be determined.
The number of outstanding shares of Spirit Realty Capital, Inc.’s common stock, $0.05 par value, as of February 16, 2021, was 114,861,919 shares.
Documents Incorporated by Reference
Certain specific portions of the definitive Proxy Statement for Spirit Realty Capital, Inc.’s 2021 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form
10-K.
Only those portions of the Proxy Statement which are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form
10-K.
Table of Contents
EXPLANATORY NOTE
This report combines the annual reports on Form
10-K
for the year ended December 31, 2020 of Spirit Realty Capital, Inc., a Maryland corporation, and Spirit Realty, L.P., a Delaware limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” or the “Company” refer to Spirit Realty Capital, Inc. together with its consolidated subsidiaries, including Spirit Realty, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to the “Operating Partnership” refer to Spirit Realty, L.P. together with its consolidated subsidiaries.
Spirit General OP Holdings, LLC (“OP Holdings”) is the sole general partner of the Operating Partnership. The Company is a real estate investment trust (“REIT”) and the sole member of OP Holdings, as well as the special limited partner of the Operating Partnership. As sole member of the general partner of our Operating Partnership, our Company has the full, exclusive and complete responsibility for our Operating Partnership’s
day-to-day
management and control.
We believe combining the annual reports on Form
10-K
of our Company and Operating Partnership into a single report results in the following benefits:
•
enhancing investors’ understanding of our Company and Operating Partnership by enabling investors to view the business as a whole, reflective of how management views and operates the business;
•
eliminating duplicative disclosure and providing a streamlined presentation as a substantial portion of the disclosures apply to both our Company and Operating Partnership; and
•
creating time and cost efficiencies by preparing one combined report in lieu of two separate reports.
There are a few differences between our Company and Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand these differences in the context of how we operate as an interrelated, consolidated company. Our Company is a REIT, the only material assets of which are the partnership interests in our Operating Partnership. As a result, our Company does not conduct business itself, other than acting as the sole member of the general partner of our Operating Partnership, issuing equity from time to time and guaranteeing certain debt of our Operating Partnership. Our Operating Partnership holds substantially all the assets of our Company. Our Company issued convertible notes and guarantees some of the debt of our Operating Partnership, see Note 4 to the consolidated financial statements herein for further discussion. Our Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from issuance of convertible notes and equity issuances by our Company, which are generally contributed to our Operating Partnership in exchange for partnership units of our Operating Partnership, our Operating Partnership generates the capital required by our Company’s business through our Operating Partnership’s operations or our Operating Partnership’s incurrence of indebtedness.
The presentation of stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of our Company and those of our Operating Partnership. The partnership units in our Operating Partnership are accounted for as partners’ capital in our Operating Partnership’s consolidated financial statements. There are no
non-controlling
interests in the Company or the Operating Partnership.
To help investors understand the significant differences between our Company and our Operating Partnership, this report presents the consolidated financial statements separately for our Company and our Operating Partnership. All other sections of this report, including “Selected Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk,” are presented together for our Company and our Operating Partnership.
In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that our Company and Operating Partnership are compliant with Rule
13a-15
or Rule
15d-15
of the Securities Exchange Act of 1934, or the Exchange Act, and 18 U.S.C. §1350, this report also includes separate “Item 9A. Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of our Company and our Operating Partnership.
Table of Contents
GLOSSARY
1031 Exchange
Tax-deferred
like-kind exchange of properties held for business or investment purposes, pursuant to Section 1031 of the Code
2015 Credit Agreement
Revolving credit facility agreement between the Operating Partnership and certain lenders dated March 31, 2015, as amended or otherwise modified from time to time
2015 Credit Facility
$800.0 million unsecured credit facility pursuant to the 2015 Credit Agreement
2015 Term Loan
$420.0 million senior unsecured term facility pursuant to the 2015 Term Loan Agreement
2015 Term Loan Agreement
Term loan agreement between the Operating Partnership and certain lenders dated November 3, 2015, as amended or otherwise modified from time to time
2016 ATM Program
At the market equity distribution program established in November 2016, which was terminated upon entry into the 2020 ATM Program
2017 Tax Legislation
Tax Cuts and Jobs Act of 2017
2019 Credit Facility
$800.0 million unsecured revolving credit facility pursuant to the 2019 Revolving Credit and Term Loan Agreement
2019 Facilities Agreements
2019 Revolving Credit and Term Loan Agreement and
A-2
Term Loan
2019 Notes
$402.5 million convertible notes of the Corporation due in 2019
2019 Revolving Credit and Term Loan Agreement
Revolving credit and term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time
2020 ATM Program
At the market equity distribution program established in November 2020, pursuant to which the Corporation may offer and sell registered shares of common stock from time to time
2020 Term Loans
$400.0 million senior unsecured term facility pursuant to the 2020 Term Loan Agreement
2020 Term Loan Agreement
Term loan agreement between the Operating Partnership and certain lenders dated April 2, 2020, as amended or otherwise modified from time to time
2021 Notes
$345.0 million convertible notes of the Corporation due in 2021
2026 Senior Notes
$300.0 million aggregate principal amount of senior notes issued in August 2016
2027 Senior Notes
$300.0 million aggregate principal amount of senior notes issued in September 2019
2029 Senior Notes
$400.0 million aggregate principal amount of senior notes issued in June 2019
2030 Senior Notes
$500.0 million aggregate principal amount of senior notes issued in September 2019
2031 Senior Notes
$450.0 million aggregate principal amount of senior notes issued in August 2020
401(k) Plan
Defined contribution retirement savings plan qualified under Section 401(k) of the Code
A-1
Term Loans
$420.0 million unsecured term loan facility pursuant to the 2019 Revolving Credit and Term Loan Agreement
A-2
Term Loans
$400.0 million unsecured term loan facility pursuant to a term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time
ACM
Asbestos-Containing Materials
ADA
Americans with Disabilities Act
Adjusted Debt
Adjusted Debt is a
non-GAAP
financial measure. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Table of Contents
Adjusted EBITDA
re
Adjusted EBITDA
re
is a
non-GAAP
financial measure. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
AFFO
Adjusted Funds From Operations. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Amended Incentive Award Plan
Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, as amended
Annualized Base Rent (ABR)
Represents Base Rent and earned income from direct financing leases from the final month of the reporting period, adjusted to exclude amounts from properties sold during that period and to include a full month of rental income for properties acquired during that period. The total is then multiplied by 12. We use ABR when calculating certain metrics that are useful to evaluate portfolio credit and diversification and to manage risk.
AOCL
Accumulated Other Comprehensive Loss
ASC
Accounting Standards Codification
Asset Management Agreement
Asset Management Agreement between Spirit Realty, L.P. and Spirit MTA REIT dated May 31, 2018 and subsequently assigned by Spirit Realty, L.P. to Spirit Realty AM Corporation on April 1, 2019
ASU
Accounting Standards Update
ATM Program
The 2016 ATM Program or the 2020 ATM Program, as applicable
Base Cash Rent
Represents Base Rent reduced for amounts abated and rent deemed not probable of collection.
Base Rent
Represents contractual rental income for the period, prior to deferral and abatement agreements, and excluding contingent rents. We use Base Rent to monitor cash collection and to evaluate past due receivables.
CMBS
Commercial Mortgage-Backed Securities
Code
Internal Revenue Code of 1986, as amended
Company
The Corporation and its consolidated subsidiaries
Convertible Notes
The 2019 Notes and 2021 Notes, together
Corporation
Spirit Realty Capital, Inc., a Maryland corporation
CPI
Consumer Price Index
EBITDA
Earnings Before Interest, Taxes, Depreciation and Amortization
EBITDA
re
EBITDA
re
is a
non-GAAP
financial measure and is computed in accordance with standards established by NAREIT. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FFO
Funds From Operations. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
GAAP
Generally Accepted Accounting Principles in the United States
Interim Management Agreement
Interim Management Agreement between Spirit Realty AM Corporation, a wholly-owned subsidiary of the Company, and Spirit MTA REIT dated June 2, 2019 and effective September 20, 2019
IPO
Initial Public Offering
IRS
Internal Revenue Service
LIBOR
London Interbank Offered Rate
Master Trust 2013
The
net-lease
mortgage securitization trust established in December 2013
Master Trust 2014
The
net-lease
mortgage securitization trust established in 2005 and amended and restated in 2014
Master Trust Notes
Master Trust 2013 and Master Trust 2014, together
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Master Trust Release
Proceeds from the sale of assets securing the Master Trust Notes held in restricted accounts until a qualifying substitution is made or until used for principal reduction
MGCL
Maryland General Corporation Law
NAREIT
National Association of Real Estate Investment Trusts
NYSE
New York Stock Exchange
OP Holdings
Spirit General OP Holdings, LLC
Operating Partnership
Spirit Realty, L.P., a Delaware limited partnership
Porter’s Five Forces
An analytical framework used to examine the attractiveness of an industry and potential for disruption in that industry based on: threats of new entrants, threats of substitutes, the bargaining power of customers, the bargaining power of suppliers and industry rivalry
Property Management and Servicing Agreement
Second amended and restated agreement governing the management services and special services provided to Master Trust 2014 by Spirit Realty, L.P., dated as of May 20, 2014, as amended, supplemented, amended and restated or otherwise modified
REIT
Real estate investment trust
S&P
S&P’s Global Ratings
SEC
Securities and Exchange Commission
Securities Act
Securities Act of 1933, as amended
Senior Unsecured Notes
2026 Senior Unsecured Notes, 2027 Senior Unsecured Notes, 2029 Senior Unsecured Notes, 2030 Senior Unsecured Notes and 2031 Senior Unsecured Notes, collectively
Series A Preferred Stock
6,900,000 shares of 6.000% Cumulative Redeemable Preferred Stock issued October 3, 2017, with a liquidation preference of $25.00 per share.
Shopko
Specialty Retail Shops Holding Corp. and certain of its affiliates
SMTA
Spirit MTA REIT, a Maryland real estate investment trust, or SMTA Liquidating Trust, a Maryland common law trust, as the context dictates. On January 1, 2020, Spirit MTA REIT transferred all of its assets (subject to all of its liabilities) to SMTA Liquidating Trust.
Spin-Off
Creation of an independent, publicly traded REIT, SMTA, through our contribution of properties leased to Shopko, assets that collateralize Master Trust 2014 and other additional assets to SMTA followed by the distribution by us to our stockholders of all of the common shares of beneficial interest in SMTA.
SubREIT
Spirit MTA SubREIT, Inc., previously a wholly-owned subsidiary of SMTA. SubREIT was dissolved on October 1, 2019.
Spirit Heat Map
An analysis of industries across Porter’s Five Forces and potential causes of technological disruption to identify tenant industries which Spirit believes to have good fundamentals for future performance
Spirit Property Ranking Model
A proprietary model used annually to rank properties across twelve factors and weightings consisting of both real estate quality scores and credit underwriting criteria, in order to benchmark property quality, identify asset recycling opportunities and to enhance acquisition or disposition decisions
TRS
Taxable REIT subsidiary, which is a corporation, other than a REIT, in which a REIT directly or indirectly holds stock and that has made a joint election with such REIT to be treated as a taxable REIT subsidiary and meets certain other requirements
TSR
Total Shareholder Return
Unless otherwise indicated or unless the context requires otherwise, all references to the “registrant,” the “Company,” “Spirit Realty Capital,” “we,” “us” or “our” refer to the Corporation and its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references to the “Operating Partnership” refer to Spirit Realty, L.P. and its consolidated subsidiaries.
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INDEX
Item 1.
7
Item 1A.
13
Item 1B.
28
Item 2.
29
Item 3.
31
Item 4.
31
Item 5.
32
Item 6.
34
Item 7.
35
Item 7A.
52
Item 8.
53
Item 9.
110
Item 9A.
110
Item 9B.
111
Item 10.
111
Item 11.
111
Item 12.
111
Item 13.
112
Item 14.
112
Item 15.
113
Item 16.
117
171
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form
10-K
contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this Annual Report, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management.
Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).
The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:
•
industry and economic conditions;
•
volatility and uncertainty in the financial markets, including potential fluctuations in the CPI;
•
our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments;
•
the financial performance of our retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers;
•
our ability to diversify our tenant base;
•
the nature and extent of future competition;
•
increases in our costs of borrowing as a result of changes in interest rates and other factors;
•
our ability to access debt and equity capital markets;
•
our ability to pay down, refinance, restructure and/or extend our indebtedness as it becomes due;
•
our ability and willingness to renew our leases upon expiration and to reposition our properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or we exercise our rights to replace existing tenants upon default;
•
the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us or our major tenants;
•
our ability to manage our expanded operations;
•
our ability and willingness to maintain our qualification as a REIT;
•
the impact on our business and those of our tenants from epidemics, pandemics or other outbreaks of illness, disease or virus (such as the strain of coronavirus known as
COVID-19);
and
•
other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters.
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Annual Report on Form
10-K.
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.
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PART I
Item 1.
Business
Overview
We are a self-administered and self-managed REIT with
in-house
capabilities including acquisition, credit research, asset management, portfolio management, real estate research, legal, finance and accounting functions. We primarily invest in single-tenant, operationally essential real estate assets throughout the United States, which are subsequently leased on a long-term,
triple-net
basis to high quality tenants with operations in retail, industrial, office and certain other industries.
As of December 31, 2020, Spirit owned a diversified portfolio of 1,860 properties with gross investment in real estate totaling approximately $6.8 billion and with
in-place
Annualized Base Rent of $509.6 million. See Item 2. “Properties - Our Real Estate Investment Portfolio” for further information on our portfolio diversification.
Our operations are carried out through the Operating Partnership. OP Holdings, one of our wholly-owned subsidiaries, is the sole general partner and owns approximately 1% of the Operating Partnership. We and one of our wholly-owned subsidiaries are the only limited partners and together own the remaining 99% of the Operating Partnership.
Shares of our common stock are traded on the NYSE under the symbol “SRC.”
Business and Growth Strategies
Our objective is to maximize stockholder value by providing a growing stream of earnings and dividends generated by high quality, diversified commercial real estate. We seek to accomplish this objective by utilizing our proprietary tools and underwriting expertise to invest in and manage a high-quality portfolio of single tenant, operationally essential real estate throughout the United States, which generally consists of free-standing, commercial real estate facilities where our tenants conduct activities essential to the generation of their sales and profits. We then generate revenue
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primarily by leasing these properties to tenants we believe possess attractive credit characteristics and operate in stable or growing industries. Our leases are typically structured as
triple-net
leases, whereby the tenant is responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs.
STRONG OPERATING SYSTEMS
Spirit utilizes integrated tools that streamline key processes for acquisitions, tenant monitoring and managing our capital structure, forecasts and records. We believe the effective use of our technology platforms to inform portfolio management decisions provides efficiency, depth and scalability to our processes, allowing us to seamlessly execute our objectives. To enhance our operating systems, we have developed several proprietary tools to minimize risk and maximize returns for our stockholders:
o
Spirit Property Ranking Model.
The Spirit Property Ranking Model is a core tool developed internally by Spirit that ranks every owned and acquired property across twelve criteria, with a higher weighting allocated to real estate characteristics. The criteria are: (i) replacement rent, assuming the property becomes vacant, (ii) real estate score based on the site’s location, access, visibility and overall desirability, (iii)
5-mile
population, (iv) remaining lease term, (v)
5-mile
house-hold income,
(vi) pre-overhead
unit coverage,
(vii) pre-overhead
master lease coverage, (viii) corporate coverage, (ix) U.S. State ranking, (x) rent escalation characteristics, (xi) lease structure and (xii) tenant industry ranking. We believe that the higher the overall score assigned to a property, the lower the risk of a residual loss given a tenant default. Through acquisitions, dispositions, lease renewals and
re-lets,
we seek to continually improve the weighted-average property ranking of our portfolio.
o
The Spirit Heat Map.
The Spirit Heat Map is used to analyze tenant industries across Porter’s Five Forces and for potential causes of technological disruption. The data is then used to predict the long-term future performance of those industries. The Spirit Heat Map is updated regularly to incorporate changes in business and market conditions, changes in technology and other trends. Using this tool, coupled with our intensive credit and real estate analysis, lease structuring and ongoing portfolio management, we seek to achieve superior risk-adjusted returns by focusing our investments within industries that we believe will be healthy and viable prospectively and disposing of properties within industries that have less favorable outlooks.
o
Spirit Business Intelligence Tools.
Our business intelligence tools capture and bring together critical information across Spirit’s databases, including Spirit Property Ranking Model data, industry data and tenant credit data, allowing the information to be efficiently analyzed. Spirit uses these tools to compare potential acquisitions and dispositions to the existing portfolio and quantify improvements in key metrics including industry concentration, tenant concentration, weighted-average lease term, weighted-average Spirit property ranking and credit metrics.
OUTSTANDING PEOPLE
We have implemented sound social, human capital management and environmental practices and policies throughout the operation of our business, demonstrating our solid commitment to be responsible and conscientious in everything that we do as we strive to both drive long-term stakeholder value and make the communities in which we operate a better place to live and work. We have documented these commitments in our Social Responsibility and Environmental Sustainability Policy and our Code of Business Conduct and Ethics, each of which can be accessed on the Investor Relations page of our website at www.spiritrealty.com. One of these key pillars is human capital management. We believe attracting, developing and retaining a team of highly talented and motivated employees is critical to reflecting our “all one team” motto and delivering strong financial results:
o
Talent acquisition and development.
To ensure we retain top talent, we provide competitive compensation and benefits, including stock awards for all employees. We aim to develop our employees by providing internal training, leadership coaching programs and providing tuition assistance and course reimbursement for career-enhancing education and licensure requirements. We encourage both formal and informal mentorship to provide employees with critical developmental feedback and all employees have direct access to the executive team, including through monthly “Town Hall” meetings hosted by our CEO. Goals are set annually for each employee and performance is measured at least twice a year on these goals, as well as on each of our core competencies: managing resources, leadership, communication, accountability and teamwork. We look first to promote from within, but when external hires are needed to fill open positions, we use a thorough hiring
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process which includes multiple levels of interviews, cultural surveys, and technical skill testing, when appropriate, to ensure candidates will be an appropriate fit.
o
Diversity and inclusion.
We provide equal employment opportunities to all individuals and seek to cultivate an inclusive culture that respects and appreciates diversity of experience, ideas and opinions. Our employee population is very diverse: approximately half of our employees are female, 27% are from racial or ethnic minority groups, and we have well-rounded age diversity. To promote inclusivity, our Diversity and Inclusion Committee is tasked with providing educational and social programming for all affinity groups, as well as directing support to charitable organizations in line with our diversity efforts. Under the Diversity and Inclusion Committee, we have a Women’s Leadership Council, which focuses specifically on empowering the women of Spirit in personal and professional growth. With the support of our Board of Directors, we continue to explore additional diversity and inclusion initiatives.
o
Employee wellness.
The physical and mental well-being of our employees is an important piece of our business and overall success. We have implemented numerous wellness initiatives, including wellness screenings and guided meditation sessions. Our offices were designed with employee health and well-being in mind
(sit-stand
desks, ergonomic chairs, healthy snack options, maximized natural light in all workspaces, designated creative and collaborative workspaces). In response to the
COVID-19
pandemic, we took a number of actions to ensure the health and safety of our employees, including enabling all employees to work from home, enhancing safety measures in our offices for voluntary return to office (including increasing cleaning and sanitizing procedures, temperature screening upon entering the office, providing personal protective equipment, installing plexiglass wellness screens and initiating social distancing measures), and instituted a special
COVID-19
pandemic leave policy for illness or caretaking.
o
Workplace culture.
We actively seek to create a
best-in-class
workplace culture through corporate culture workshops and conducting employee surveys. Results of the surveys are communicated to all employees, as well as to our Board of Directors, to provide transparency and continuous improvement. We also seek to acknowledge employee successes through recognition at monthly “Town Hall” meetings. We firmly believe that regular social and team building events for our employees encourage socialization, collaboration, and relationship building – all things that are vital for employee engagement and result in a high performing “all one team” culture. We promote social engagement through our Spirit One Committee (comprised of employees across all levels and departments who collaborate to create social programming), annual company-wide events (including a virtual holiday season party in 2020), and department team building events throughout the year.
As of December 31, 2020, we had 82 employees, as compared to 85 employees as of December 31, 2019. None of these employees are represented by a labor union.
DEFINED AND DISCIPLINED INVESTMENT STRATEGY
During the year ended December 31, 2020, we purchased 146 properties, representing an aggregate gross investment of $868.2 million, and invested $10.0 million in revenue producing capital expenditures to fund improvements on properties we already owned. During the same period, we sold 38 properties with an undepreciated gross investment of $86.0 million. We selectively make acquisitions and dispositions that we believe will contribute to our business objectives. We believe there will be ample acquisition opportunities in the single-tenant market fitting our underwriting and acquisition criteria.
o
Sourcing acquisitions.
We believe a multi-channel approach drives acquisition volume and are focused on building and growing partnerships with a diverse base of tenants and brokers. Over time, our target is a balanced mix of opportunities sourced from direct relationships with existing tenants, direct relationships with new tenants and broker relationships. These channels are built through current relationships with key members of our acquisitions and asset management teams, partner appreciation events, attendance at critical conferences and conventions and reliable execution.
o
Evaluating acquisitions.
Each acquisition opportunity is evaluated against our acquisition criteria, which includes, but is not limited to: accretive capitalization rate, long-term lease structure containing rent escalations, favorable tenant industries based on the Spirit Heat Map, favorable Spirit property ranking, attractive tenant credit characteristics and overall portfolio diversification impact. As part of our acquisition strategy, we target tenants that are publicly listed, as we believe those tenants possess certain attractive characteristics, including continual access to capital, generally lower leverage, audited financial statements and governance scrutiny.
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While we consider the foregoing when making investments, we have made investments that do not meet one or more of these criteria, and we may make additional investments that do not meet one or more of these criteria if we believe the opportunity is sufficiently attractive. Acquisition opportunities go through a rigorous evaluation process culminating in review and approval by our Investment Committee. The Investment Committee includes representation from the acquisitions, asset management, credit, legal and finance departments.
o
Evaluating tenant credit.
We believe extensive credit underwriting is important to minimizing tenant financial risk and protecting stockholder value. Our credit department, which is independent from our acquisitions department, underwrites all acquisition, disposition and capital investment opportunities and monitors the financial health of our existing portfolio. We use our underwriting capabilities to identify tenants with attractive credit characteristics and stable operating histories and to dispose of tenants with weakening characteristics.
HIGH-QUALITY PORTFOLIO
We believe that portfolio diversification and leases with structures aligned with our business and growth strategies are the cornerstones to managing the inherent risk associated with investing in real estate. The following portfolio qualities help maintain the stability of our rental revenue and maximize our long-term return on our investments:
o
Diverse and granular portfolio.
We seek to maintain a portfolio that (i) derives no more than 5.0% of its ABR from any single tenant, (ii) derives no more than 2.0% of its ABR from any single property, (iii) is leased to tenants operating in various industries aligned with our Spirit Heat Map and (iv) is located across the U.S. without significant geographic concentration. As of December 31, 2020, our largest single tenant exposure equaled 3.0%, our largest single property exposure equaled 1.4%, our largest industry concentration equaled 7.7%, and our largest geographic concentration by state equaled 11.1%, in each case based on ABR. Our portfolio is also well diversified between investment and
non-investment
grade rated tenants with 51.0% of our ABR from public issuers. See Item 2. “Properties - Our Real Estate Investment Portfolio” for further information on our portfolio composition as of December 31, 2020.
o
Leases for operationally essential real estate.
We seek to own properties that are operationally essential to our tenants, thereby reducing the risk that the tenant would choose not to renew an expiring lease or reject a lease in bankruptcy.
o
Leases with contractual rental growth.
We seek leases that contain contractual provisions to increase rental revenue over the term of the lease. Approximately 89.8% of our ABR as of December 31, 2020 is subject to rent escalations which, generally, increase rent at specified dates by: (i) a fixed amount; or (ii) the lesser of (a) 1 to 2 times any increase in the CPI over a specified period, (b) a fixed percentage, or (c) a fixed schedule.
o
Leases with relatively long terms.
We seek leases with relatively long terms, typically with
non-cancellable
initial terms of 10 to 20 years and tenant renewal options for additional terms with attractive rent escalation provisions. As of December 31, 2020, our weighted average remaining lease term based on ABR was 10.1 years.
o
Leases with a master lease structure.
Where appropriate, we seek master leases whereby we lease multiple properties to a single tenant on an “all or none” basis. In a master lease structure, a tenant is responsible for a single lease payment relating to the entire portfolio of leased properties, as opposed to separate lease payments relating to each individually leased property. The master lease structure hinders a tenant’s ability to “cherry pick” locations, where it unilaterally gives up underperforming properties while maintaining its leasehold interest in well-performing properties. Approximately 42.0% of our ABR as of December 31, 2020 is subject to a master lease structure.
Since our inception, our occupancy has never fallen below 96.1%, despite the economic downturns of 2008 through 2010 and the
COVID-19
pandemic. While the onset in the U.S. of the
COVID-19
pandemic resulted in requests for relief from a number of our tenants, the majority of these requests came in the form of rent deferrals, and we believe the diversity and strength of our portfolio helped to limit the impact of the
COVID-19
pandemic on our 2020 operating results. Our discussions with tenants requesting relief substantially focused on industries that have been directly disrupted by the
COVID-19
pandemic and restrictions intended to prevent its spread, particularly movie theaters, casual dining restaurants, entertainment, health and fitness, and hotels. For the year ended December 31, 2020, we deferred $31.9 million of rent and abated $6.3 million of rent. For the year ended December 31, 2021, we expect to
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see significant reductions in the impact of
COVID-19
and have currently granted additional rent deferrals of $9.2 million and abatements of $1.0 million. The deferral periods range, generally, from one to six months, with an average deferral period of four months and an average repayment period of 12 months. The majority of the relief granted to tenants in 2021 relates to tenants in the movie theater industry. Although we are and will continue to be actively engaged in rent collection efforts related to uncollected rent, as well as working with certain tenants who may request future rent relief, we can provide no assurance that such efforts will be successful, particularly in the event that the
COVID-19
pandemic and restrictions intended to prevent its spread continue for a prolonged period.
FORTRESS BALANCE SHEET
Our long-term financing strategy is to maintain a leverage profile that creates operational flexibility and generates superior risk-adjusted returns for our stockholders. We finance our operations and investments using a variety of methods, including available unrestricted cash balances, property operating revenue, proceeds from property dispositions, available borrowings under our credit facilities, common and preferred stock issuances, and debt securities issuances, including mortgage indebtedness and senior unsecured debt. We determine the amount of equity and debt financing to be used when acquiring an asset by evaluating our cost of equity capital, terms available in the credit markets (such as interest rate, repayment provisions and maturity) and our assessment of the particular asset’s risk.
In October 2020, we renewed our shelf registration statement with the SEC, which became immediately effective upon filing and will expire in October 2023, unless renewed before. Under this shelf registration statement, we may offer shares of our common or preferred stock or debt securities in amounts, at prices, and on terms to be announced when, and if, such shares are offered. The specifics of any future offerings, along with the use of proceeds from any such offerings, will be described in detail in a prospectus supplement or other offering materials at the time of such offerings.
o
Issuance of common stock.
We may issue common stock when we believe that our share price is at a level that allows the offering proceeds to be accretively invested into additional properties, to permanently finance properties that were financed by our credit facilities, or to repay outstanding debt at or before maturity.
o
Issuance of debt securities.
We have issued senior unsecured debt securities and have obtained other senior unsecured debt at the Operating Partnership level. In addition, our debt historically has also consisted of some long-term borrowings secured by specific real estate assets or, more typically, pools of real estate assets. To the extent practicable, we expect to maintain a well-balanced debt profile with manageable and staggered maturities.
o
Cash provided by operations.
In addition to cash provided by the issuance of common stock and debt securities, we expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions, payment of principal and interest on our outstanding indebtedness, property improvements,
re-leasing
costs, and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities and borrowings under our available credit facilities.
We anticipate that we will continue to use a number of different sources to finance our acquisitions and operations going forward; however, we cannot assure you that we will have access to the capital and credit markets at times and at terms that are acceptable to us.
Competition
We face competition for acquisitions from investors, including traded and
non-traded
public REITs, private equity funds and institutional investment funds, some of which have greater financial resources than we do, a greater ability to borrow funds to acquire properties and the ability to accept more risk than we can prudently manage. This competition may increase the demand for the types of properties in which we typically invest and, therefore, reduce the number of suitable acquisition opportunities available to us and increase the prices paid for such. This competition will increase if investments in real estate become more attractive relative to other forms of investment.
As a landlord, we compete in the multi-billion dollar commercial real estate market with numerous developers and owners of properties, many of which own properties similar to ours in the same markets in which our properties are located. In operating and managing our portfolio, we compete for tenants based on a number of factors, including
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location, rental rates and flexibility. Some of our competitors have greater economies of scale, have lower cost of capital, have access to more resources, and have greater name recognition than we do. If our competitors offer space at rental rates below current market rates or below the rental rates we currently charge our tenants, we may lose our tenants or prospective tenants and we may be pressured to reduce our rental rates or to offer substantial rent abatements, tenant improvement allowances, early termination rights or below-market renewal options in order to retain tenants when our leases expire.
Regulation
GENERAL
Our properties are subject to various covenants, laws, ordinances and regulations, including regulations relating to common areas and fire and safety requirements. We believe that each of our properties has the necessary permits and approvals.
AMERICANS WITH DISABILITIES ACT
Pursuant to the ADA, our properties are required to meet federal requirements related to access and use by persons with disabilities. Compliance with the ADA, as well as a number of additional federal, state and local laws and regulations, may require modifications to properties we currently own and any properties we purchase, or may restrict renovations of those properties. Noncompliance with these laws or regulations could result in fines or an award of damages to private litigants, as well as the incurrence of costs to make modifications to attain compliance. Although our tenants are generally responsible for compliance with the ADA and other similar laws or regulations, we could be held liable as the owner of the property for a failure of one of our tenants to comply with such laws or regulations.
ENVIRONMENTAL MATTERS
Federal, state and local environmental laws and regulations regulate releases of hazardous or toxic substances into the environment. Some of our properties contain, have contained, or are adjacent to or near properties that contain or have contained storage tanks for petroleum products or other hazardous or toxic substances. Similarly, some of our properties are or were used for commercial or industrial purposes that involve or involved the use of hazardous or toxic substances or are adjacent to or near properties that are of have been used for such purposes. Under certain of these laws and regulations, a current or previous owner, operator or tenant may be required to investigate and
clean-up
hazardous or toxic substances or petroleum product releases or threats of releases, and may be held liable to a government entity or third parties for property damage and for investigation,
clean-up
and monitoring costs incurred by those parties in connection with actual or threatened contamination. These laws typically impose
clean-up
responsibility and liability without regard to fault, or whether or not the owner, operator or tenant knew of or caused the contamination. The liability may be joint and several for the full amount of the investigation,
clean-up
and monitoring costs incurred or to be incurred or actions to be undertaken, although a party held jointly and severally liable may seek contributions from other identified, solvent, responsible parties for their fair share toward these costs. In addition, strict environmental laws regulate a variety of activities that can occur on a property, including the storage of petroleum products or other hazardous or toxic substances, air emissions and water discharges. Such laws may impose fines or penalties for violations.
Environmental laws also govern ACM. Federal regulations require building owners and those exercising control over a building’s management to identify and warn, through signs and labels, of potential hazards posed by workplace exposure to ACM in their building. The regulations also have employee training, record keeping and due diligence requirements pertaining to ACM. Significant fines can be assessed for violation of these regulations and we could be subject to lawsuits if personal injury from exposure to ACM occurs. Federal, state and local laws and regulations also govern the removal, encapsulation, disturbance, handling and/or disposal of ACM when those materials are in poor condition or in the event of construction, remodeling, renovation or demolition of a building. These laws may impose liability for improper handling or a release into the environment of ACM and may provide for fines to, and for third parties to seek recovery from, owners or operators of real properties for personal injury or improper work exposure associated with ACM.
In addition, our properties may contain or develop harmful mold or other airborne contaminants. The presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly
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remediation to contain or remove the mold or other airborne contaminants from the affected property or increase indoor ventilation. Further, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury occurs.
Before completing an acquisition, we obtain environmental assessments carried out in accordance with the Standard Practice for Environmental Site Assessments as set by ASTM International. These assessments generally include a physical site inspection, a review of relevant federal, state and local environmental and health agency database records, one or more interviews with appropriate site-related personnel, review of the property’s chain of title and review of historical aerial photographs and other information on past uses of the property. These assessments are limited in scope, however, if recommended in the initial assessments, we may undertake additional assessments such as soil and/or groundwater samplings, other limited subsurface investigations and ACM or mold surveys. A prior owner or operator of a property or historic operations at our properties may have created a material environmental condition that is not known to us or the independent consultants preparing the site assessments. Generally, our leases provide that the lessee will indemnify us for any loss or expense we incur as a result of the presence, use or release of hazardous materials on our property. However, if environmental concerns are not satisfactorily resolved in any initial or additional assessments, we may obtain environment insurance policies to insure against potential environmental risk or loss depending on the type of property, the availability and cost of the insurance and various other factors we deem relevant (i.e., an environmental occurrence affects one of our properties where our lessee may not have the financial capability to honor its indemnification obligations to us).
Available Information
Our Annual Report on Form
10-K,
Quarterly Reports on Form
10-Q,
our Current Reports on Form
8-K,
and the Section 16 filings of our directors and officers, as well as any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge on our website www.spiritrealty.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Also available on our website, free of charge, are corporate governance documents, including our corporate governance guidelines and our code of business conduct and ethics. We intend to disclose on our website under “Corporate Responsibility—Corporate Governance” any amendment to, or waiver of, any provisions of our code of business conduct and ethics applicable to the directors and/or officers of the Company that would otherwise be required to be disclosed under the rules of the SEC or the NYSE. Information contained on or hyperlinked from our website is not incorporated by reference into, and should not be considered part of, this Annual Report on Form
10-K
or our other filings with the SEC. A copy of this Annual Report on Form
10-K
is also available without charge upon written request to: Investor Relations, Spirit Realty Capital, Inc., 2727 North Harwood Street, Suite 300, Dallas, Texas 75201.
Item 1A. Risk Factors
Set forth below are some (but not all) of the risk factors that could adversely affect our business, financial condition, results of operations, cash flow, liquidity and ability to access the capital markets and satisfy debt service obligations and make distributions to our stockholders (which we refer to collectively as “materially and adversely affecting” us or having “a material adverse effect” on us and comparable phrases) and the market price of our securities. Because we operate in a highly competitive and rapidly changing environment, new risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can management assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
RISKS RELATED TO OUR BUSINESS AND PROPERTIES
Risks related to commercial real estate ownership could reduce the value of our properties.
Our core business is the ownership of retail, industrial and office real estate that is leased to companies on a
triple-net
basis. Accordingly, our performance is subject to risks inherent to the ownership of commercial real estate, including:
•
inability to collect rent from tenants due to financial hardship, including bankruptcy;
•
changes in local real estate markets resulting in the lack of availability or demand for single-tenant retail space;
•
changes in consumer trends and preferences that reduce the demand for products/services of our tenants;
•
inability to lease or sell properties upon expiration or termination of existing leases;
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•
environmental risks related to the presence of hazardous or toxic substances or materials on our properties;
•
subjectivity of real estate valuations and changes in such valuations over time;
•
illiquid nature of real estate compared to most other financial assets;
•
changes in laws and regulations, including those governing real estate usage and zoning;
•
changes in interest rates and the availability of financing; and
•
changes in the general economic and business climate.
The occurrence of any of the risks described above may cause the value of our real estate to decline.
Actual or perceived threats associated with epidemics, pandemics or public health crises, including the ongoing
COVID-19
pandemic, could have a material adverse effect on us.
Epidemics, pandemics or other public health crises, including the ongoing
COVID-19
pandemic, that impact economic and market conditions, particularly in markets where our properties are located, and preventative measures taken to alleviate any public health crises, may have a material adverse effect on us and our tenants, and may affect our ability as a
net-lease
real estate investment trust to acquire properties or lease properties to our tenants, who may be unable, as a result of any economic downturn occasioned by public health crises, to make rental payments when due.
The ongoing
COVID-19
pandemic and restrictions intended to prevent its spread, has had a significant adverse impact on economic and market conditions in the United States and the markets in which we own properties. Certain of our tenants, especially those in industries considered
“non-essential”
under varying state and local
“shelter-in-place”
and
“stay-at-home”
orders and other restrictions on types of business that may continue to operate, have experienced and continue, to experience challenges or even closures as a result of the
COVID-19
pandemic, which has had, and we anticipate will continue to have, a material adverse impact on them. Although some state governments and other authorities were in varying stages of lifting or modifying some of these measures, some have already been forced to, and others may in the future, reinstitute these measures or impose new, more restrictive measures, if the risks, or the perception of the risks, related to the
COVID-19
pandemic worsen at any time.
The ongoing
COVID-19
pandemic has directly resulted, and may continue to result, in a reduction in our rental income and/or an increase in our property costs and impairments. In addition, it has resulted, and may continue to result, in an increase in our general and administrative expenses, as we have incurred and may continue to incur costs to negotiate rent deferrals, lease restructures and/or lease terminations and/or enforce our contractual rights (including through litigation), as we deem appropriate on a
case-by-case
basis. For the year ended December 31, 2020, we deferred $31.9 million of rent and abated $6.3 million of rent. For the year ended December 31, 2021, we have currently granted additional rent deferrals of $9.2 million and abatements of $1.0 million. The deferral periods range generally from one to six months, with an average deferral period of four months and an average repayment period of 12 months. Of the tenants who we have granted rent deferrals, 19% are public companies and the weighted average remaining lease term of leases with deferrals is 10.2 years (based on Base Rent). Although we are and will continue to be actively engaged in rent collection efforts related to uncollected rent, as well as working with certain tenants who have requested rent deferrals, we can provide no assurance that such efforts or our efforts in future periods will be successful.
The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of the
COVID-19
pandemic or restrictions intended to prevent its spread, and we are not able to predict whether other epidemics, pandemics or other public health crises will occur in the future that may have similar impacts. Nevertheless, the ongoing
COVID-19
pandemic and restrictions intended to prevent its spread and the current financial, economic and capital markets environment and future developments in these and other areas present material risks and uncertainties with respect to the adverse impacts on us. Such adverse impacts could depend on, among other factors:
•
the financial condition and viability of our tenants – many of which are in retail industries – and their ability or willingness to pay rent in full on a timely basis;
•
state, local, federal and industry-initiated efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent;
•
our need to restructure leases with our tenants and our ability to do so on favorable terms or at all;
•
our ability to renew leases or
re-lease
available space in our properties on favorable terms or at all in the event of nonrenewal or in the event we exercise our right to replace an existing tenant, and obligations we may incur in connection with the replacement of an existing tenant;
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•
a severe and prolonged disruption and instability in the global financial markets may affect our or our tenants’ ability to access capital necessary to fund our respective business operations or retire, replace or renew maturing liabilities on a timely basis, on attractive terms or at all and may adversely affect the valuation of financial assets and liabilities;
•
a refusal or failure of one or more lenders under the 2019 Revolving Credit and Term Loan Agreement to fund their respective financing commitment to us;
•
the broader impact of the severe economic contraction due to the
COVID-19
pandemic and restrictions intended to prevent its spread, the resulting increase in unemployment that has occurred and its effect on consumer behavior, and negative consequences that will occur if these trends are not timely reversed;
•
disruptions in our tenants’ supply chains or delays in the delivery of products, services or other materials necessary for their operations, which could force our tenants’ to reduce, delay or eliminate offerings of their products and services, reduce or eliminate their revenues and liquidity and/or result in their bankruptcy or insolvency;
•
the further utilization of
e-commerce
in certain industries as a result of the temporary closure of many retail properties, which may lead to the closure of underperforming properties by retailers;
•
our and our tenants’ ability to manage our respective businesses to the extent our and their management or personnel (including
on-site
employees) are impacted in significant numbers by the
COVID-19
pandemic and are otherwise not willing, available or allowed to conduct work; and
•
our and our tenants’ ability to ensure business continuity in the event our continuity of operations plan is not effective or improperly implemented or deployed during the
COVID-19
pandemic.
We may be unable to identify and complete acquisitions of suitable properties, which may impede our growth, or our future acquisitions may not yield the returns we expect.
Our ability to expand through acquisitions requires us to identify and complete investment opportunities on favorable terms that are compatible with our growth strategy. Our ability to acquire properties on favorable terms and successfully operate them may be constrained by the following significant risks:
•
competition from other real estate investors, including REITs and institutional investment funds, which may be able to accept more risk, including higher acquisition prices, than we can prudently manage;
•
competition from other real estate investors across our acquisition sourcing channels (including brokers, existing tenant relationships, prospective tenant relationships, etc.) that may significantly reduce our acquisition volume or increase the purchase price for a property we acquire;
•
financing for an acquisition may not be available on favorable terms or at all for potential acquisitions;
•
significant costs and management attention diverted to evaluate and negotiate potential acquisitions, including ones that we may not subsequently complete;
•
acquisition of properties that are not and may not become accretive to our results;
•
cash flow from an acquired property may be insufficient to meet our required principal and interest payments with respect to debt used to finance the acquisition of such property;
•
necessary improvements or renovations to acquired properties may exceed budgeted amounts;
•
market conditions may result in higher than expected vacancy rates and lower than expected rental rates; or
•
properties acquired may be subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities such as
clean-up
of undisclosed environmental contamination or claims by tenants, vendors or other persons dealing with the former owners of the properties.
Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.
The real estate investments made, and expected to be made, by us are relatively difficult to sell quickly. As a result, our ability to promptly sell one or more of our properties in response to changing economic, financial or investment conditions is limited. We may be unable to dispose of properties by sale, other disposition or refinancing at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. In particular, these risks could arise from weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions and changes in laws, regulations or fiscal policies of the jurisdiction in which a property is located.
In addition, the Code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. In particular, the tax laws applicable to REITs effectively require that we hold our
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properties for investment, rather than primarily for sale in the ordinary course of business, which may cause us to forgo or defer sales of properties that otherwise would be in our best interest. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on favorable terms.
Dispositions of real estate assets could change the holding period assumption in our valuation analyses, which could result in material impairment losses and adversely affect our financial results.
We evaluate real estate assets for impairment based on the projected cash flow of the asset over our anticipated holding period. If we change our intended holding period due to our intention to sell or otherwise dispose of an asset, we must reevaluate whether that asset is impaired under GAAP. Depending on the carrying value of the property at the time we change our intention and the amount that we estimate we would receive on disposal, we may record an impairment loss that would adversely affect our financial results.
In the future, we may choose to acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
In the future we may acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership interests in the Operating Partnership, which may result in stockholder dilution. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to protect the contributors’ ability to defer recognition of taxable gain through restrictions on our ability to dispose of the acquired properties and/or the allocation of partnership debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell an asset at a time, or on terms, that would be favorable absent such restrictions.
High geographic concentration of our properties could magnify the effects of adverse economic or regulatory developments in such geographic areas on our operations and financial condition.
As of December 31, 2020, 11.1% of our portfolio (as a percentage of ABR) was located in Texas, representing the highest concentration of our assets. We are susceptible to adverse developments in the economic or regulatory environments of the geographic areas in which we concentrate (or in which we may develop a substantial concentration of assets in the future), such as business layoffs or downsizing, industry slowdowns, relocations of businesses, increases in real estate and other taxes or costs of complying with governmental regulations.
Our tenants may fail to successfully operate their businesses, which could adversely affect us.
The success of our investments is materially dependent on the financial stability of our tenants’ financial condition and leasing practices. At any given time, our tenants may experience a downturn in their business, including as a result of adverse economic conditions, that may weaken the operating results and financial condition of individual properties or of their business as whole. We depend on our tenants to operate the properties we own in a manner which generates revenues sufficient to allow them to meet their obligations to us, including their obligations to pay rent, maintain certain insurance coverage and pay real estate taxes and maintain the properties in a manner so as not to jeopardize their operating licenses or regulatory status. Although our occupied properties are generally essential to the tenant’s generation of sales and profits, this does not guarantee that a tenant’s operations at a particular property will be successful or that the tenant will be able to meet all of its obligations to us. As a result, a tenant may delay lease commencement, decline to extend a lease upon its expiration, fail to make rental payments when due, become insolvent or declare bankruptcy.
Single-tenant leases involve particular and significant risks related to tenant default.
Our strategy focuses primarily on investing in single-tenant
triple-net
leased properties throughout the United States. The financial failure of, or default in payment by, a single tenant under its lease is likely to cause a significant reduction in, or elimination of, our rental revenue from that property and a reduction in the value of the property. We may also experience difficulty or a significant delay in
re-leasing
or selling such property. This risk is magnified in situations where we lease multiple properties to a single tenant under a master lease. The failure or default of a tenant under a master lease could reduce or eliminate rental revenue from multiple properties and reduce the value of such properties. Although the master lease structure may be beneficial to us because it restricts the ability of tenants to individually remove underperforming properties from the portfolio of properties leased from us, there is no guarantee that a tenant will not default in its obligations to us or decline to renew its master lease upon expiration.
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The bankruptcy or insolvency of any of our tenants could result in the termination of such tenant’s lease and material losses to us.
The bankruptcy or insolvency of any of our tenants could diminish the income we receive from that tenant’s lease or leases. A substantial portion our properties are leased to unrated tenants, which may increase the risk that a tenant bankruptcy or insolvency will occur. If a tenant becomes bankrupt or insolvent, federal law may prohibit us from evicting such tenant based solely upon such bankruptcy or insolvency. In addition, a bankrupt or insolvent tenant may be authorized to reject and terminate its lease or leases with us. Any claims against such bankrupt tenant for unpaid future rent would be subject to statutory limitations that would likely result in our receipt of rental revenues that are substantially less than the contractually specified rent we are owed under the lease or leases. In addition, any claim we have for unpaid past rent, if any, may not be paid in full. We may also be unable to
re-lease
a terminated or rejected space or to
re-lease
it on comparable or more favorable terms.
Moreover, tenants who are considering filing for bankruptcy protection may request amendments of their master leases to remove certain of the properties they lease from us under such master leases. We cannot guarantee that we will be able to sell or
re-lease
such properties or that lease termination fees, if any, received in exchange for such releases will be sufficient to make up for the rental revenues lost as a result of such lease amendments.
We face significant competition for tenants, which may decrease or prevent increases of the occupancy and rental rates of our properties.
We compete with numerous developers, owners and operators of properties, many of which own properties similar to ours in the same markets in which our properties are located. If our competitors offer space at rental rates below current market rates or below the rental rates we currently charge our tenants, we may lose existing or potential tenants and we may be pressured to reduce our rental rates or to offer more substantial rent abatements, tenant improvements, early termination rights, below-market renewal options or other lease incentive payments in order to retain tenants when our leases expire. Competition for tenants could decrease or prevent increases of the occupancy and rental rates of our properties.
Decrease in demand for traditional retail and restaurant space may materially and adversely affect us.
As of December 31, 2020, leases representing approximately 30.0% and 12.2% of our ABR were with tenants in traditional retail and restaurant industries, respectively, and we may acquire additional properties in the future leased to traditional retail and restaurant tenants. The market for traditional retail and restaurant space has previously been, and could continue to be, adversely affected by weakness in the national, regional and local economies, the adverse financial condition of some large retail and restaurant companies, the ongoing consolidation in the traditional retail and restaurant industries, the excess amount of traditional retail and restaurant space in a number of markets and, in the case of the traditional retail industry, increasing consumer purchases over the Internet. To the extent that these conditions continue, they are likely to negatively affect market rents for traditional retail and restaurant space.
We may be unable to renew leases, lease vacant space or
re-lease
space as leases expire on favorable terms or at all.
Our results of operations depend on our ability to strategically lease space in our properties (by renewing or
re-leasing
expiring leases and leasing vacant space), optimize our tenant mix or lease properties on more economically favorable terms. As of December 31, 2020, leases representing approximately 2.6% of our ABR will expire during 2021. As of December 31, 2020, seven of our properties, representing approximately 0.4% of our total properties, were vacant. Current tenants may decline, or may not have the financial resources available, to renew current leases and we cannot guarantee that leases that are renewed will have terms that are as economically favorable to us as the expiring lease terms. If tenants do not renew the leases as they expire, we will have to find new tenants to lease our properties and there is no guarantee that we will be able to find new tenants or that our properties will be
re-leased
at rental rates equal to or above the current average rental rates or that substantial rent abatements, tenant improvement allowances, early termination rights, below-market renewal options or other lease incentive payments will not be offered to attract new tenants. Many of the leases we enter into or acquire are for properties that are specially suited to the particular business of our tenants. Because these properties have been designed or physically modified for a particular tenant, in addition to increasing the difficulties described above associated with releasing such space, in the event we are required to sell the property, we may have difficulty selling it to a party other than the tenant due to the special purpose for which the property may have been designed or modified. This potential illiquidity
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may limit our ability to quickly modify our portfolio in response to changes in economic or other conditions, including tenant demand. We may experience significant costs in connection with renewing, leasing or
re-leasing
a significant number of our properties.
Our ability to realize future rent increases will vary depending on changes in the CPI.
As of December 31, 2020, approximately 17.5% of our ABR is subject to rent escalators which increase rent by a multiple of any increases in the CPI or the lesser of (a) 1 to 2 times any increase in the CPI over a specified period, (b) a fixed percentage, or (c) a fixed schedule. If the product of any increase in the CPI multiplied by the applicable factor is less than the fixed percentage, the increased rent we are entitled to receive will be less than what we otherwise would have been entitled to receive if the rent escalator was based solely on a fixed percentage. Therefore, during periods of low inflation or deflation, small increases or decreases in the CPI subject us to the risk of receiving lower rental revenue than we otherwise would have been entitled to receive if our rent escalators were based solely on fixed percentages or amounts. Conversely, if the product of any increase in the CPI multiplied by the applicable factor is more than the fixed percentage, the increased rent we are entitled to receive will be less than what we otherwise would have been entitled to receive if the rent escalator was based solely on an increase in CPI. Therefore, periods of high inflation subject us to the risk of receiving lower rental revenue than we otherwise would have been entitled to receive if our rent escalators were based solely on CPI increases.
We may be vulnerable to security breaches or cyber-attacks which could disrupt our operations and have a material adverse effect on our financial performance and operating results.
Security breaches, cyber-attacks, or disruption, of our or our third-party service providers’ physical or information technology infrastructure, networks and related management systems could result in, among other things, a breach of our networks and information technology infrastructure, the misappropriation of our or our tenants’ proprietary or confidential information, interruptions or malfunctions in our or our tenants’ operations, delays or interruptions to our ability to meet tenant needs, breach of our legal, regulatory or contractual obligations, inability to access or rely upon critical business records, unauthorized access to our facilities or other disruptions in our operations. Numerous sources can cause these types of incidents, including: physical or electronic security breaches; viruses, ransomware or other malware; hardware vulnerabilities such as Meltdown and Spectre; accident or human error by our own personnel or third parties; criminal activity or malfeasance (including by our own personnel); fraud or impersonation scams perpetrated against us or our partners or tenants; or security events impacting our third-party service providers or our partners or tenants. Our exposure to cybersecurity threats and negative consequences of cybersecurity breaches will likely increase as we store an increasing amount of tenant data.
We recognize the increasing volume of cyber-attacks and employ commercially practical efforts to provide reasonable assurance such attacks are appropriately mitigated. We may be required to expend significant financial resources to protect against or respond to such breaches. Techniques used to breach security change frequently and are generally not recognized until launched against a target, so we may not be able to promptly detect that a security breach or unauthorized access has occurred. We also may not be able to implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. As we provide assurances to our tenants that we provide a high level of security, if an actual or perceived security breach occurs, the market’s perception of our security measures could be harmed and we could lose current and potential tenants, and such a breach could be harmful to our brand and reputation. Any breaches that may occur could expose us to increased risk of lawsuits, material monetary damages, potential violations of applicable privacy and other laws, penalties and fines, harm to our reputation and increases in our security and insurance costs. In the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks despite not handling the data. We cannot guarantee that any backup systems, regular data backups, security protocols, network protection mechanisms and other procedures currently in place, or that may be in place in the future, will be adequate to prevent network and service interruption, system failure, damage to one or more of our systems or data loss in the event of a security breach or attack.
In addition, the regulatory framework around data custody, data privacy and breaches varies by jurisdiction and is an evolving area of law with increasingly complex and rigorous regulatory standards enacted to protect business and personal data in the United States. We may not be able to limit our liability or damages in the event of such a loss. Data protection legislation is becoming increasingly common in the United States at both the federal and state level and may require us to further modify our data processing practices and policies. For example, the California
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Consumer Privacy Act of 2018, which took effect on January 1, 2020 and is expected to provide California residents with increased privacy rights and protections with respect to their personal information. Compliance with existing, proposed and recently enacted laws and regulations can be costly; any failure to comply with these regulatory standards could subject us to legal and reputational risks. Misuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or others, fines and penalties, or damage to our reputation and credibility.
Inflation may materially and adversely affect us and our tenants.
Increased inflation could have a negative impact on variable-rate debt we currently have or that we may incur in the future. Our leases typically contain provisions designed to mitigate the adverse impact of inflation on our results of operations. Because tenants are typically required to pay all property operating expenses, increases in property-level expenses at our leased properties generally do not affect us. However, increased operating expenses at vacant properties and the limited number of properties that are not subject to full
triple-net
leases could cause us to incur additional operating expenses, which could increase our exposure to inflation. Additionally, the increases in rent provided by many of our leases may not keep up with the rate of inflation. Increased costs may also have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue, which may adversely affect the tenants’ ability to pay rent owed to us.
The market price and trading volume of shares of our common stock may fluctuate or decline.
The market price and trading volume of our common stock may fluctuate widely due to various factors, including:
•
broad market fluctuations unrelated to our or our competitors’ operating performances;
•
actual or anticipated variations in our or our competitors’ quarterly operating results or distributions;
•
publication of research reports about us, our competitors or the real estate industry;
•
market reaction to any additional indebtedness we incur or debt or equity securities we issue in the future;
•
additions or departures of key management personnel;
•
changes in our credit ratings;
•
the financial condition, performance and prospects of our tenants;
•
changes in market interest rates in comparison to the distribution yield on shares of our common stock; and
•
the realization of any of the other risk factors presented in this Annual Report on Form
10-K.
We may issue shares of our common stock or other securities without stockholder approval, including shares issued to satisfy REIT distribution requirements. The Operating Partnership may issue partnership interests to third parties, and such partnership interests would be exchangeable for cash or, at our election, shares of our common stock at specified ratios set when partnership interests in the Operating Partnership are issued. Our existing stockholders have no preemptive rights to acquire any of these securities, and any issuance of equity securities by us or the Operating Partnership may dilute stockholder investment.
If we fail to maintain effective internal controls over financial reporting, we may not be able to accurately and timely report our financial results.
Effective internal controls over financial reporting are necessary for us to provide reliable financial reports, effectively prevent fraud and operate successfully as a public company. We are required to perform system and process evaluation and testing of our internal control over financial reporting to allow management to report on, and our independent registered public accounting firm to attest to, the effectiveness of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002.
Any failure to maintain effective controls or timely effect any necessary improvement of our internal control over financial reporting controls could harm operating results or cause us to fail to meet our reporting obligations, which could affect the listing of our common stock on the NYSE. Ineffective internal control over financial reporting and disclosure controls could also cause investors to lose confidence in our reported financial information, which would likely have a negative effect on the per share trading price of our common stock.
Loss of our key personnel could materially impair our ability to operate successfully.
Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel, particularly our President and Chief Executive Officer, Jackson Hsieh, who has extensive market knowledge and relationships and exercises substantial influence over our operational, financing, acquisition and
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disposition activity. Many of our other key executive personnel, particularly our executive and senior vice presidents, also have extensive experience and strong reputations in the real estate industry and have been instrumental in setting our strategic direction, operating our business, identifying, recruiting and training key personnel and arranging necessary financing. In particular, the extent and nature of the relationships that these individuals have developed with financial institutions and existing and prospective tenants is critically important to the success of our business. The loss of services of one or more members of our senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and weaken our relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could materially and adversely affect us.
Costs of compliance with, or liabilities related to, environmental laws may materially and adversely affect us.
The properties we own or have owned in the past may subject us to known and unknown environmental liabilities. Under various federal, state and local laws and regulations relating to the environment, as a current or former owner or operator of real property, we may be liable for costs and damages, which may be substantial, resulting from the presence or discharge of hazardous or toxic substances, waste or petroleum products at, on, in, under or migrating from such property, including costs to investigate, clean up such contamination and liability for harm to natural resources. We may face liability regardless of:
•  our knowledge of the contamination;
•  the timing of the contamination;
•  the cause of the contamination; or
•  the party responsible for the contamination of the property.
The presence of hazardous substances on a property may adversely affect our ability to sell, lease or improve the property or to borrow using the property as collateral. In addition, environmental laws may create liens on contaminated properties in favor of the government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which they may be used or businesses may be operated, and these restrictions may require substantial expenditures.
Although we may obtain insurance for environmental liability for certain properties that are deemed to warrant coverage, our insurance may be insufficient to address any particular environmental situation and we may be unable to continue to obtain insurance for environmental matters, at a reasonable cost or at all, in the future. If our environmental liability insurance is inadequate, we may become subject to material losses for environmental liabilities. Our ability to receive the benefits of any environmental liability insurance policy will depend on the financial stability of our insurance company and the position it takes with respect to our insurance policies.
Insurance on our properties may not cover all losses, which could materially and adversely affect us.
Our tenants are required to maintain liability and property insurance coverage for the properties they lease from us pursuant to
triple-net
leases. Pursuant to such leases, our tenants are generally required to name us (and any of our lenders that have a mortgage on the property leased by the tenant) as additional insureds on their liability policies and additional insured and/or loss payee (or mortgagee, in the case of our lenders) on their property policies. All tenants are required to maintain casualty coverage and most carry limits at 100% of replacement cost. Depending on the location of the property, losses of a catastrophic nature, such as those caused by earthquakes and floods, may be covered by insurance policies that are held by our tenant with limitations such as large deductibles or
co-payments
that a tenant may not be able to meet. In addition, losses of a catastrophic nature, such as those caused by wind/hail, hurricanes, terrorism or acts of war, may be uninsurable or not economically insurable. In the event there is damage to our properties that is not covered by insurance and such properties are subject to recourse indebtedness, we will continue to be liable for the indebtedness, even if these properties are irreparably damaged.
Inflation, changes in building codes and ordinances, environmental considerations, and other factors, including terrorism or acts of war, may make any insurance proceeds we receive insufficient to repair or replace a property if it is damaged or destroyed. In that situation, the insurance proceeds received may not be adequate to restore our economic position with respect to the affected real property. Furthermore, in the event we experience a substantial or comprehensive loss of one of our properties, we may not be able to rebuild such property to its existing specifications without significant capital expenditures which may exceed any amounts received pursuant to insurance policies, as reconstruction or improvement of such a property would likely require significant upgrades to meet zoning and building code requirements. The loss of our capital investment in or anticipated future returns from our properties due to material uninsured losses could materially and adversely affect us.
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Compliance with the ADA and fire, safety and other regulations may require us to make unanticipated expenditures that materially and adversely affect us.
Our properties are subject to the ADA, fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our properties. While our tenants are obligated by law to comply with the ADA and typically obligated under our leases and financing agreements to cover costs associated with compliance, if required changes involve greater expenditures than anticipated or if the changes must be made on a more accelerated basis than anticipated, our tenants’ ability to cover the costs could be adversely affected. We may be required to expend our own funds to comply with the provisions of the ADA. We may be required to make substantial capital expenditures to comply with these requirements and may be required to obtain approvals from various authorities with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Additionally, failure to comply with any of these requirements could result in the imposition of fines by governmental authorities or awards of damages to private litigants. While we intend to only acquire properties that we believe are currently in substantial compliance with all regulatory requirements, these requirements may change and new requirements may be imposed which would require significant unanticipated expenditures by us.
RISKS RELATED TO OUR CAPITAL STRUCTURE
Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all.
To maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, we are subject to federal corporate income tax to the extent that we distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Because of these distribution requirements, we may not be able to fund future capital needs, including acquisition financing, from operating cash flow and may have to rely on third-party sources. We may not be able to obtain the financing on favorable terms or at all. Any additional debt we incur will increase our leverage and likelihood of default. Our access to third-party sources of capital depends, in part, on:
•
general market conditions;
•
the market’s perception of our growth potential;
•
our current debt levels;
•
our current and expected future earnings;
•
our cash flow and cash distributions; and
•
the market price per share of our common stock.
If we cannot obtain capital from third-party sources, we may not be able to acquire properties when strategic opportunities exist, meet the capital and operating needs of our existing properties, satisfy our debt service obligations or make the cash distributions to our stockholders necessary to maintain our qualification as a REIT.
In recent history, we have raised a significant amount of debt through senior unsecured debt securities. We have generally used the proceeds from these financings to repay debt and fund real estate acquisitions. No assurance can be given that we will have access to the capital markets in the future at times and on terms that are acceptable to us, whether to refinance existing debt or to raise additional debt capital.
We have significant indebtedness outstanding, which may expose us to risk of default under our debt obligations, limit our ability to obtain additional financing or affect the market price of our common stock or debt securities.
As of December 31, 2020, the total principal balance outstanding on our indebtedness was approximately $2.5 billion, of which the $178.0 million outstanding under the 2020 Term Loan Agreement incurs interest at a variable rate. We may also incur significant additional debt to finance future investment activities. Payments of principal and interest on borrowings may leave us with insufficient cash resources to meet our cash needs or make the distributions to our common stockholders necessary to maintain our REIT qualification. Our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following:
•
our cash flow may be insufficient to meet our required principal and interest payments;
•
cash interest expense and financial covenants relating to our indebtedness may limit or eliminate our ability to make distributions to our common stockholders;
•
we may be unable to borrow additional funds as needed or on favorable terms, which could, among other things, adversely affect our ability to capitalize upon acquisition opportunities or meet operational needs;
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•
we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness;
•
increases in interest rates could increase our interest expense for our variable interest rate debt;
•
we may be unable to hedge floating rate debt, counterparties may fail to honor their obligations under any hedge agreements we enter into, such agreements may not effectively hedge interest rate fluctuation risk, and, upon the expiration of any hedge agreements we enter into, we would be exposed to then-existing market rates of interest and future interest rate volatility;
•
we may be forced to dispose of properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject;
•
we may default on our obligations and the lenders may foreclose on our properties or our interests in the entities that own the properties that secure their loans and receive an assignment of rents and leases;
•
we may be restricted from accessing some of our excess cash flow after debt service if certain of our tenants fail to meet certain financial performance metric thresholds;
•
we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and
•
our default under any loan with cross-default provisions could result in a default on other indebtedness.
Changes in our leverage ratios may also negatively impact the market price of our equity or debt securities. Furthermore, foreclosures could create taxable income without accompanying cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Code.
The agreements governing our indebtedness contain restrictions and covenants which may limit our ability to enter into or obtain funding for certain transactions, operate our business or make distributions to our preferred and common stockholders.
The agreements governing our indebtedness contain restrictions and covenants that limit or will limit our ability to operate our business. These covenants, as well as any additional covenants to which we may be subject in the future because of additional indebtedness, could cause us to forgo investment opportunities, reduce or eliminate distributions to our preferred and common stockholders or obtain financing that is more expensive than financing we could obtain if we were not subject to the covenants. In addition, the agreements may have cross-default provisions, which provide that a default under one of our financing agreements would lead to a default on some or all of our debt financing agreements. The covenants and other restrictions under our debt agreements affect, among other things, our ability to:
•
incur indebtedness;
•
create liens on assets;
•
sell or substitute assets;
•
modify certain terms of our leases;
•
prepay debt with higher interest rates;
•
manage our cash flows; and
•
make distributions to equity holders.
Additionally, these restrictions may adversely affect our operating and financial flexibility and may limit our ability to respond to changes in our business or competitive environment, all of which may materially and adversely affect us.
Current market conditions could adversely affect our ability to refinance existing indebtedness or obtain additional financing for growth on acceptable terms or at all.
The credit markets can experience significant price volatility, displacement and liquidity disruptions, including the bankruptcy, insolvency or restructuring of certain financial institutions. These circumstances could materially impact liquidity in the financial markets, making financing terms for borrowers less attractive, and in certain cases, result in the unavailability of various types of debt financing. As a result, we may be unable to obtain debt financing on favorable terms or at all or fully refinance maturing indebtedness with new indebtedness. We primarily use external financing to fund acquisitions and to refinance indebtedness as it matures. Reductions in our available borrowing capacity or inability to obtain credit when required or when business conditions warrant could materially and adversely affect us, and we could be forced to limit our acquisition activity and/or take other actions to fund our business activities and repayment of debt, such as selling assets.
Furthermore, if prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. Higher interest rates on newly incurred debt may negatively impact our acquisition yields, earnings per share and cash flow as well. If interest rates increase, our interest costs and overall costs of capital will increase, which could materially and adversely affect us. Total debt service, including scheduled principal maturities and interest, for 2021 and 2022 is $280.7 million and $87.7 million, respectively. Debt service includes the final balloon repayment of $190.4 million for the 2021 Notes in 2021.
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Changes in market interest rates may adversely impact our variable debt expenses.
The 2019 Credit Facility incurs interest at a variable rate using LIBOR and, as such, our interest expense will increase with increases in LIBOR. Further, in 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR after 2021. If LIBOR ceases to exist after 2021, a comparable or successor reference rate as approved under the 2019 Revolving Credit and Term Loan Agreement will apply or such other reference rate as may be agreed by the Company and the lenders under the respective agreements will apply. To the extent these interest rates are less favorable than LIBOR, our interest expense will increase.
Some of our financing arrangements involve balloon payment obligations.
Some of our financings require us to make a
lump-sum
or “balloon” payment at maturity, including $190.4 million in 2021. Our ability to make any balloon payment is uncertain and may depend on our ability to obtain additional financing or our ability to sell our properties. At the time the balloon payment is due, we may or may not be able to refinance the balloon payment on terms as favorable as the original loan or sell our properties at a price sufficient to make the balloon payment, if at all. If the balloon payment is refinanced at a higher rate, it will reduce or eliminate any income from our properties. In addition, if we are unable to refinance these maturities or otherwise retire the indebtedness, we could be forced to relinquish the related collateral.
RISKS RELATED TO OUR ORGANIZATIONAL STRUCTURE
Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction, even if such a change in control may be in the interest of our stockholders.
Our charter contains certain restrictions on ownership and transfer of our stock.
Our charter contains various provisions that are intended to preserve our qualification as a REIT and, subject to certain exceptions, authorize our directors to take such actions as are necessary or appropriate to preserve our qualification as a REIT. For example, our charter prohibits the actual, beneficial or constructive ownership by any person of more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock or more than 9.8% in value of the aggregate of the outstanding shares of all classes and series of our stock. Our Board of Directors, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock may:
•
discourage a tender offer or other transactions or a change in management or of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interests; or
•
result in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of a charitable beneficiary and, as a result, the forfeiture by the acquirer of the benefits of owning the additional shares.
We could increase the number of authorized shares of stock, classify and reclassify
un-issued
stock and issue stock without stockholder approval
. Our Board of Directors, without stockholder approval, has the power under our charter to amend our charter to increase the aggregate number of shares of stock or the number of shares of stock of any class or series that we are authorized to issue, to authorize us to issue authorized but
un-issued
shares of our common stock or preferred stock and to classify or reclassify any
un-issued
shares of our common stock or preferred stock into one or more classes or series of stock and to set the terms of such newly classified or reclassified shares. As a result, we may issue one or more series or classes of common stock or preferred stock with preferences, dividends, powers and rights, voting or otherwise, that are senior to, or otherwise conflict with, the rights of our common stockholders. Although our Board of Directors has no such intention at the present time, it could establish a class or series of common stock or preferred stock that could, depending on the terms of such series, delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.
Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
Certain provisions of the MGCL may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide our common stockholders with the opportunity to realize a premium over the then-prevailing market price of such shares, including:
•
“business combination” provisions that, subject to certain limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or
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more of the voting power of our shares or of an affiliate of ours or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within a
two-year
period immediately prior to the date in question) or any affiliate of an interested stockholder for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price and/or super-majority and stockholder voting requirements on these combinations; and
•
“control share” provisions that provide that a holder of “control shares” of our Company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of outstanding “control shares”) has no voting rights with respect to those shares except to the extent approved by our stockholders by the affirmative vote of at least
two-thirds
of all the votes entitled to be cast on the matter, excluding all interested shares.
As permitted by the MGCL, we have elected, by resolution of our Board of Directors, to opt out of the business combination provisions of the MGCL and, pursuant to a provision in our bylaws, to exempt any acquisition of our stock from the control share provisions of the MGCL. However, our Board of Directors may by resolution elect to repeal the exemption from the business combination provisions of the MGCL and may by amendment to our bylaws opt into the control share provisions of the MGCL at any time in the future, whether before or after an acquisition of control shares.
Certain provisions of the MGCL set forth in Title 3, Subtitle 8 of the MGCL (“Subtitle 8”) permit our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to implement certain corporate governance provisions, some of which (for example, a classified board) are not currently applicable to us. These provisions may have the effect of limiting or precluding a third party from making an unsolicited acquisition proposal for us or of delaying, deferring or preventing a change in control of us under circumstances that otherwise could be in the best interests of our stockholders. Our charter contains a provision whereby we have elected, at such time as we became eligible to do so, to be subject to the provisions of Subtitle 8 relating to the filling of vacancies on our Board of Directors only by the remaining directors. Our Board of Directors has adopted a resolution prohibiting us from electing to be subject to the provisions of Subtitle 8 relating to a classified board unless such election is first approved by our stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter.
Our rights and the rights of our stockholders to take action against our directors and officers are limited.
As permitted by Maryland law, our charter limits the liability of our directors and officers to us and our stockholders for money damages, except for liability resulting from:
•
actual receipt of an improper benefit or profit in money, property or services; or
•
active and deliberate dishonesty by the director or officer that was established by a final judgment as being material to the cause of action adjudicated.
As a result, we and our stockholders have rights against our directors and officers that are more limited than might otherwise exist. Accordingly, in the event that actions taken by any of our directors or officers impede the performance of our company, our stockholders’ and our ability to recover damages from such director or officer may be limited. In addition, our charter authorizes us to obligate our company, and our bylaws require us, to indemnify our directors and officers for actions taken by them in those and certain other capacities to the maximum extent permitted by Maryland law.
RISKS RELATED TO TAXES AND OUR STATUS AS A REIT
Failure to qualify as a REIT would materially and adversely affect us and the value of our common stock.
We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2005 and we intend to continue operating in such a manner. We have not requested and do not plan to request a ruling from the IRS that we qualify as a REIT and the statements in this Annual Report on Form
10-K
are not binding on the IRS or any court. Therefore, we cannot guarantee that we have qualified as a REIT or that we will remain qualified as such in the future. If we lose our REIT status, we will face significant tax consequences that would substantially reduce our cash available for distribution to our stockholders for each of the years involved because:
•
we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to regular U.S. federal corporate income tax;
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•
we could be subject to the federal alternative minimum tax for tax years prior to 2018 and increased state and local taxes; and
•
unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.
Any such corporate tax liability could be substantial and would reduce our cash available for, among other things, our operations and distributions to stockholders. In addition, if we fail to qualify as a REIT, we will not be required to make distributions to our stockholders. As a result of all these factors, our failure to qualify as a REIT also could impair our ability to expand our business and raise capital, and could materially and adversely affect the trading price of our common stock.
Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, requirements regarding the composition of our assets and requirements regarding the sources of our income. Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains.
In addition, legislation, new regulations, administrative interpretations or court decisions may materially and adversely affect our investors, our ability to qualify as a REIT for federal income tax purposes or the desirability of an investment in a REIT relative to other investments.
Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, state and local income, property and excise taxes on our income or property and, in certain cases, a 100% penalty tax, in the event we sell property as a dealer. In addition, our TRSs will be subject to income tax as regular corporations in the jurisdictions in which they operate.
If SMTA failed to qualify as a REIT, we could cease to qualify as a REIT and suffer other adverse consequences.
If SMTA failed to qualify as a REIT for any taxable year, such failure to qualify as a REIT could adversely affect our ability to qualify as a REIT. If SMTA failed to qualify as a REIT during the year of the
Spin-Off,
the income recognized by us in connection with the
Spin-Off
would not have constituted qualifying income for purposes of the 75% gross income test, which could have adversely affected our ability to qualify as a REIT for such year. In addition, if SMTA failed to qualify as a REIT for any period, the SMTA Preferred Stock would not have qualified as a real estate asset for purposes of the REIT asset tests or produced qualifying income for purposes of the REIT 75% gross income test for such period. In such case, our ownership of the SMTA Preferred Stock during such period could adversely affect our ability to qualify as a REIT, unless we are entitled to relief under an applicable cure provision.
If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.
We believe the Operating Partnership is currently treated as a partnership for federal income tax purposes. As a partnership, the Operating Partnership is not subject to federal income tax on its income. Instead, each of its partners, including us, is allocated, and may be required to pay tax with respect to, such partner’s share of its income. We cannot assure you that the IRS will not challenge the status of the Operating Partnership or any other subsidiary partnership or limited liability company in which we own an interest as a disregarded entity or partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership or any such other subsidiary partnership or limited liability company as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT. Also, the failure of the Operating Partnership or any subsidiary partnerships or limited liability company to qualify as a disregarded entity or partnership for applicable income tax purposes could cause it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including us.
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Our ownership of TRSs is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our TRSs are not conducted on
arm’s-length
terms.
We own securities in TRSs and may acquire securities in additional TRSs in the future. If a TRS owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such other corporation will also be treated as a TRS. Other than some activities relating to lodging and health care facilities, a TRS may generally engage in any business, including the provision of customary or
non-customary
services to tenants of its parent REIT. A TRS is subject to federal income tax as a regular C corporation. In addition, a 100% excise tax will be imposed on certain transactions between a TRS and its parent REIT that are not conducted on an
arm’s-length
basis.
A REIT’s ownership of securities of a TRS is not subject to the 5% or 10% asset tests applicable to REITs. Not more than 25% of the value of our total assets may be represented by securities (including securities of TRSs), other than those securities includable in the 75% asset test, and not more than 20% of the value of our total assets may be represented by securities of TRSs. We anticipate that the aggregate value of the stock and securities of any TRS and other nonqualifying assets that we own will be less than 25% (or 20%, as applicable) of the value of our total assets, and we will monitor the value of these investments to ensure compliance with applicable ownership limitations. In addition, we intend to structure our transactions with any TRSs that we own to ensure that they are entered into on
arm’s-length
terms to avoid incurring the 100% excise tax described above. There can be no assurance, however, that we will be able to comply with the above limitations or to avoid application of the 100% excise tax.
The IRS may treat sale-leaseback transactions as loans, which could jeopardize our REIT status or require us to make an unexpected distribution.
The IRS may take the position that specific sale-leaseback transactions that we treat as leases are not true leases for federal income tax purposes but are, instead, financing arrangements or loans. If a sale-leaseback transaction were so
re-characterized,
we might fail to satisfy the REIT asset tests, the income tests or distribution requirements and consequently lose our REIT status effective with the year of
re-characterization
unless we elect to make an additional distribution to maintain our REIT status. The primary risk relates to our loss of previously incurred depreciation expenses, which could affect the calculation of our REIT taxable income and could cause us to fail the REIT distribution test that requires a REIT to distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In this circumstance, we may elect to distribute an additional dividend of the increased taxable income so as not to fail the REIT distribution test. This distribution would be paid to all stockholders at the time of declaration rather than the stockholders existing in the taxable year affected by the
re-characterization.
We may be forced to borrow funds to maintain our REIT status, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could materially and adversely affect us.
To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT taxable income each year, determined without regard to the dividends paid deduction and excluding any net capital gains, and we will be subject to regular corporate income taxes on our undistributed taxable income to the extent that we distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains, each year. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. In order to maintain our REIT status and avoid the payment of income and excise taxes, we may need to borrow funds to meet the REIT distribution requirements even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from, among other things, differences in timing between the actual receipt of cash and recognition of income for federal income tax purposes, or the effect of
non-deductible
capital expenditures, the creation of reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market’s perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could materially and adversely affect our financial condition, results of operations, cash flow, cash available for distributions to our stockholders, and per share trading price of our common stock.
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Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends, which may negatively affect the value of our shares.
Dividends treated as “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates, currently at a maximum federal rate of 20%. Dividends payable by REITs, however, generally are not eligible for the preferential tax rates applicable to qualified dividend income. Under the 2017 Tax Legislation, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 31, 2017 and before January 1, 2026. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of
non-REIT
corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock.
The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.
A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.
Complying with REIT requirements may affect our profitability and may force us to liquidate or forgo otherwise attractive investments.
To qualify as a REIT, we must continually satisfy tests concerning, among other things, the nature and diversification of our assets, the sources of our income and the amounts we distribute to our stockholders. We may be required to liquidate or forgo otherwise attractive investments in order to satisfy the asset and income tests or to qualify under certain statutory relief provisions. We also may be required to make distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution. As a result, having to comply with the distribution requirement could cause us to: (1) sell assets in adverse market conditions; (2) borrow on unfavorable terms; or (3) distribute amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt. Accordingly, satisfying the REIT requirements could materially and adversely affect us. Moreover, if we are compelled to liquidate our investments to meet any of these asset, income or distribution tests, or to repay obligations to our lenders, we may be unable to comply with one or more of the requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales constitute prohibited transactions.
If we acquire C corporations in carry-over basis transactions, we may inherit material tax liabilities and other tax attributes from such acquired corporations, and we may be required to distribute earnings and profits.
From time to time, we have and may continue to acquire C corporations in transactions in which the basis of the corporations’ assets in our hands is determined by reference to the basis of the assets in the hands of the acquired corporations, or carry-over basis transactions.
If we acquire any asset from a corporation that is or has been a C corporation in a carry-over basis transaction, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which we acquired the asset, then we will be required to pay tax at the regular corporate tax rate on this gain to the extent of the excess of (1) the fair market value of the asset over (2) our adjusted basis in the asset, in each case determined as of the date on which we acquired the asset. Any taxes we pay as a result of such gain would reduce the amount available for distribution to our stockholders. The imposition of such tax may require us to forgo an otherwise attractive disposition of any assets we acquire from a C corporation in a carry-over basis transaction, and as a result may reduce the liquidity of our portfolio of investments. In addition, in such a carry-over basis transaction, we will succeed to any tax liabilities and earnings and profits of the acquired C corporation. To qualify as a REIT, we must distribute any
non-REIT
earnings and profits by the close of the taxable year in which such transaction occurs. Any adjustments to the acquired
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corporation’s income for taxable years ending on or before the date of the transaction, including as a result of an examination of the corporation’s tax returns by the IRS, could affect the calculation of the corporation’s earnings and profits. If the IRS were to determine that we acquired
non-REIT
earnings and profits from a corporation that we failed to distribute prior to the end of the taxable year in which the carry-over basis transaction occurred, we could avoid disqualification as a REIT by paying a “deficiency dividend.” Under these procedures, we generally would be required to distribute any such
non-REIT
earnings and profits to our stockholders within 90 days of the determination and pay a statutory interest charge at a specified rate to the IRS. Such a distribution would be in addition to the distribution of REIT taxable income necessary to satisfy the REIT distribution requirement and may require that we borrow funds to make the distribution even if the then-prevailing market conditions are not favorable for borrowings. In addition, payment of the statutory interest charge could materially and adversely affect us.
Legislative or other actions affecting REITs could have a negative effect on us.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, could materially and adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.
The 2017 Tax Legislation significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders. The legislation remains unclear in many respects and has been and may continue to be subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the Treasury and IRS, any of which could lessen or increase the impact of the legislation.
Item 1B. Unresolved Staff Comments
None.
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Item 2.     Properties
PROPERTY PORTFOLIO DIVERSIFICATION
1,860
99.6%
48
301
28
Owned Properties
Occupancy
States
Tenants
Retail Industries
Diversification By Tenant
The following table sets forth a summary of tenant concentration for our owned real estate properties as of December 31, 2020:
Tenant
(1)
Number of
Properties
Total
Square Feet
(in thousands)
Percent of
ABR
Life Time Fitness, Inc.
7
685
3.0
%
Cajun Global LLC
163
234
2.5
%
BJ’s Wholesale Club, Inc.
8
912
2.2
%
The Home Depot, Inc.
7
848
2.2
%
At Home Group, Inc.
13
1,597
2.2
%
Alimentation Couche-Tard, Inc.
76
230
2.1
%
Walgreen Co.
34
487
2.0
%
GPM Investments, LLC
110
304
2.0
%
Dollar Tree, Inc.
106
927
1.9
%
CVS Caremark Corporation
33
409
1.7
%
Other
1,296
33,405
78.2
%
Vacant
7
641
—
Total
1,860
40,679
100.0
%
(1)
Tenants represent legal entities ultimately responsible for obligations under the lease agreements or affiliated entities. Other tenants may operate the same or similar business concepts or brands as those set forth above.
Lease Expirations
The following table sets forth a summary of lease expirations for our owned real estate as of December 31, 2020. As of December 31, 2020, the weighted average remaining
non-cancellable
initial term of our leases (based on ABR) was 10.1 years. The information set forth in the table assumes that tenants do not exercise renewal options or any early termination rights:
Leases Expiring In:
Number of
Properties
ABR
(in thousands)
(1)
Total Square
Feet
(in thousands)
Percent of
ABR
2021
47
$
13,028
1,363
2.6
%
2022
40
16,548
1,599
3.2
%
2023
113
32,049
3,034
6.3
%
2024
47
17,916
1,557
3.5
%
2025
52
19,334
1,517
3.8
%
2026
108
38,149
3,724
7.5
%
2027
131
40,635
2,984
8.0
%
2028
106
28,727
1,798
5.6
%
2029
320
42,692
2,836
8.4
%
2030
77
22,022
2,220
4.3
%
Thereafter
812
238,516
17,406
46.8
%
Vacant
7
—
641
—
Total owned properties
1,860
$
509,616
40,679
100
%
(1)
ABR is not adjusted for the impact of abatements provided as relief due to the
COVID-19
pandemic. As of the date of this report, SRC has agreed to a total of $1.0 million of abatements for the period from January 1, 2021 - December 31, 2021.
29
Table of Contents
Diversification By Geography
The following table sets forth a summary of geographic concentration for our owned real estate properties as of December 31, 2020:
Location
Number of
Properties
Total Square
Feet
(in thousands)
Percent of
ABR
Location (continued)
Number of
Properties
Total Square
Feet
(in thousands)
Percent of
ABR
Texas
247
4,413
11.1
%
New Jersey
13
717
1.3
%
Florida
154
2,533
8.8
%
Utah
18
333
1.2
%
Georgia
138
2,583
6.8
%
Pennsylvania
20
483
1.1
%
Ohio
86
2,396
5.1
%
Alaska
9
319
1.0
%
California
23
1,199
4.2
%
New Hampshire
17
645
1.0
%
Tennessee
107
1,846
4.0
%
Wisconsin
12
696
0.9
%
Michigan
86
1,700
3.9
%
Idaho
16
273
0.9
%
Illinois
52
1,295
3.8
%
Kansas
17
341
0.8
%
New York
33
1,924
3.5
%
Connecticut
5
686
0.7
%
Missouri
67
1,552
3.2
%
Maine
27
85
0.5
%
Arizona
47
835
2.9
%
Washington
7
125
0.4
%
South Carolina
55
852
2.9
%
West Virginia
13
202
0.4
%
North Carolina
68
1,312
2.7
%
Delaware
2
128
0.4
%
Alabama
94
715
2.5
%
Nebraska
8
218
0.4
%
Virginia
44
1,335
2.5
%
Montana
3
152
0.4
%
Maryland
10
721
2.4
%
Massachusetts
2
131
0.4
%
Minnesota
24
902
2.2
%
Iowa
11
190
0.3
%
Colorado
27
991
2.0
%
North Dakota
3
105
0.3
%
Oklahoma
54
935
2.0
%
Rhode Island
3
95
0.3
%
Mississippi
53
753
2.0
%
Oregon
3
105
0.3
%
Indiana
39
1,517
1.9
%
South Dakota
2
30
0.2
%
New Mexico
29
622
1.8
%
Wyoming
1
35
0.1
%
Kentucky
43
538
1.6
%
U.S. Virgin Islands
1
38
0.1
%
Arkansas
42
637
1.4
%
Vermont
1
2
*
Louisiana
24
439
1.4
%
*
Less than 0.1%
30
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Diversification By Asset Type and Tenant Industry
The following table sets forth a summary of concentration by asset types and, for retail assets, the tenant industry of our owned properties as of December 31, 2020:
Asset Type
Tenant Industry
Number of
Properties
Total
Square Feet
(in thousands)
Percent of
ABR
Retail
1,660
26,059
77.9
%
Health and Fitness
44
2,329
7.7
%
Convenience Stores
329
1,046
7.6
%
Restaurants - Quick Service
361
791
6.4
%
Restaurants - Casual Dining
134
940
5.8
%
Movie Theaters
37
1,953
5.1
%
Dealerships
29
953
4.4
%
Drug Stores / Pharmacies
77
991
4.4
%
Entertainment
24
1,022
3.4
%
Car Washes
65
308
3.2
%
Dollar Stores
172
1,576
3.1
%
Grocery
36
1,654
3.0
%
Home Improvement
14
1,595
2.9
%
Warehouse Club and Supercenters
14
1,543
2.8
%
Home Décor
16
2,147
2.7
%
Specialty Retail
53
1,142
2.3
%
Sporting Goods
18
1,026
2.2
%
Automotive Service
69
578
2.2
%
Department Stores
15
1,334
1.9
%
Home Furnishings
18
783
1.7
%
Early Education
35
384
1.5
%
Automotive Parts
55
388
1.1
%
Office Supplies
16
351
0.7
%
Other
9
294
0.7
%
Medical Office
5
65
0.5
%
Pet Supplies and Service
4
133
0.4
%
Apparel
4
92
0.2
%
Vacant
7
641
—
Industrial
158
12,609
14.9
%
Office and Other
42
2,011
7.2
%
Total
1,860
40,679
100.0
%
Item 3.
Legal Proceedings
From
time-to-time,
we may be subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.
Item 4.
Mine Safety Disclosure
None.
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PART II
Item 5.      Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
MARKET INFORMATION FOR COMMON STOCK, HOLDERS OF RECORD AND DIVIDEND POLICY
Spirit Realty Capital, Inc.
Our common stock is traded on the NYSE under the symbol “SRC.” As of February 16, 2021, there were approximately 2,139 stockholders of record of our common stock. Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.
We intend to pay regular quarterly dividends to our stockholders, although all future distributions will be declared and paid at the discretion of the Board of Directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant.
Spirit Realty, L.P.
Spirit Realty Capital, Inc. directly or indirectly owns all of Spirit Realty, L.P.’s partnership units. Therefore, there is no established trading market for Spirit Realty, L.P.’s partnership units.
RECENT SALES OF UNREGISTERED SECURITIES; USE OF PROCEEDS FROM REGISTERED SECURITIES
Spirit Realty Capital, Inc.
No sales of unregistered securities. Gross proceeds of $330.2 million from sales of registered securities during the fourth quarter of 2020 were used for funding acquisitions, operating expenses and payment of interest and principal on current debt financings.
Spirit Realty, L.P.
None.
ISSUER PURCHASES OF EQUITY SECURITIES
Spirit Realty Capital, Inc.
None.
Spirit Realty, L.P.
None.
EQUITY COMPENSATION PLAN INFORMATION
Our equity compensation plan information required by this item will be included in the Proxy Statement to be filed relating to our 2021 Annual Meeting of Stockholders and is incorporated herein by reference.
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Table of Contents
PERFORMANCE GRAPH
The information below shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, other than as provided in Item 201 of Regulation
S-K,
or to the liabilities of Section 18 of the Exchange Act, except to the extent we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.
The following graph shows our cumulative total stockholder return for the five most recent fiscal years, with stock prices retroactively adjusted for the
Spin-Off
of SMTA. The graph assumes a $100 investment in each of the indices on December 31, 2015 and the reinvestment of all cash dividends. Our stock price performance shown in the following graph is not indicative of future stock price performance.
Period Ended
Index:
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
Spirit Realty Capital, Inc.
$
100.00
$
115.82
$
100.46
$
99.82
$
147.33
$
129.70
S&P 500
$
100.00
$
109.54
$
130.81
$
122.65
$
158.07
$
183.77
NAREIT US Equity REIT Index
$
100.00
$
108.52
$
114.19
$
108.91
$
137.23
$
126.25
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Table of Contents
Item 6.       Selected Financial Data
The following tables set forth, on a historical basis, selected financial and operating data for the Company. The following data should be read in conjunction with our financial statements and notes thereto and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this Annual Report on Form
10-K.
Years Ended December 31,
(Dollars in thousands, except per share data)
2020
2019
2018
2017
2016
Statement of Operations Data:
Rental income
$
479,901
$
438,691
$
402,321
$
424,260
$
420,003
Related party fee income
678
69,218
15,838
—
—
General and administrative
48,380
52,424
52,993
54,998
48,651
Property costs (including reimbursable)
24,492
18,637
21,066
28,487
26,045
Interest
104,165
101,060
97,548
113,394
118,690
Income from continuing operations
26,708
175,266
148,491
40,428
28,638
Net income attributable to common stockholders
16,358
164,916
121,700
74,618
97,446
Net income from continuing operations per common share—diluted
0.15
1.81
1.58
0.40
0.30
Dividends declared per common share issued
(1)
2.50
2.50
3.05
3.60
3.53
Weighted average shares of common stock outstanding—diluted
(1)
104,535,384
90,869,312
86,476,449
93,588,560
93,849,250
Other Data:
FFO
(2)
$
285,716
$
305,052
$
322,359
$
367,296
$
394,952
AFFO
(2)
309,447
341,731
346,323
398,148
412,999
Number of properties at period end
1,860
1,795
1,514
2,480
2,615
Owned properties occupancy at period end (based on number of properties)
99.6
%
99.7
%
99.7
%
99.2
%
98.2
%
(1)
Adjusted for the reverse stock split effected in 2018.
(2)
See the definitions and reconciliation of
non-GAAP
measures in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations –
Non-GAAP
Financial Measures.”
December 31,
(Dollars in thousands)
2020
2019
2018
2017
(1)
2016
(1)
Balance Sheet Data:
Gross investments, including related lease intangibles
$
6,805,437
$
6,175,703
$
5,123,631
$
7,903,025
$
8,247,654
Net investments, including related lease intangibles
5,821,628
5,341,228
4,396,098
6,614,025
7,090,335
Cash and cash equivalents
70,303
14,492
14,493
8,798
10,059
Total assets
6,396,786
5,832,661
5,096,316
7,263,511
7,677,971
Total debt, net
2,506,341
2,153,017
2,054,637
3,639,680
3,664,628
Total liabilities
2,795,666
2,419,412
2,294,567
3,943,902
3,995,863
Total stockholders’ equity
3,601,120
3,413,249
2,801,749
3,319,609
3,682,108
(1)
Balances include assets and liabilities of both continuing operations and discontinued operations. Reference Note 12 to the accompanying consolidated financial statements for additional information.
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Table of Contents
Item 7.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
OVERVIEW
Spirit Realty Capital, Inc. is a New York Stock Exchange listed company under the ticker symbol “SRC.” We are a self-administered and self-managed REIT with
in-house
capabilities including acquisition, credit research, asset management, portfolio management, real estate research, legal, finance and accounting functions. We primarily invest in single-tenant real estate assets throughout the United States, which are generally acquired through sale-leaseback transactions and subsequently leased on a long-term,
triple-net
basis to high quality tenants with business operations within retail, industrial, office and other industries. Single tenant, operationally essential real estate consists of properties that are free-standing, commercial real estate facilities where our tenants conduct activities that are essential to the generation of their sales and profits. Under a
triple-net
lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs.
As of December 31, 2020, our owned real estate represented investments in 1,860 properties. Our properties are leased to 301 tenants across 48 states and 28 retail industries. As of December 31, 2020, our owned properties were approximately 99.6% occupied (based on the number of economically yielding properties).
Our operations are carried out through the Operating Partnership. OP Holdings, one of our wholly-owned subsidiaries, is the sole general partner and owns approximately 1% of the Operating Partnership. We and one of our wholly-owned subsidiaries are the only limited partners, and together own the remaining 99% of the Operating Partnership. Although the Operating Partnership is wholly-owned by us, in the future, we may issue partnership interests in the Operating Partnership to third parties in exchange for property owned by such third parties. In general, any partnership interests in the Operating Partnership issued to third parties would be exchangeable for cash or, at our election, shares of our common stock at specified ratios set when such partnership interests in the Operating Partnership are issued.
We have elected to be taxed as a REIT for federal income tax purposes commencing with our taxable year ended December 31, 2005. We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for federal income tax purposes commencing with such taxable year, and we intend to continue operating in such a manner.
On May 31, 2018, we completed a
Spin-Off
of all our interests in the assets that collateralized Master Trust 2014, our properties leased to Shopko, and certain other assets into an independent, publicly traded REIT, SMTA. In conjunction with the
Spin-Off,
we entered into the Asset Management Agreement with SMTA, pursuant to which the Company acted as external asset manager for SMTA for an annual management fee of $20.0 million. In September 2019, SMTA sold the assets held in Master Trust 2014 and approved a plan of liquidation. The Asset Management Agreement was terminated, and the Interim Management Agreement with SMTA became effective. Pursuant to the Interim Management Agreement, we were entitled to receive $1 million during the initial
one-year
term and $4 million for any renewal
one-year
term to manage and liquidate the remaining SMTA assets. The Interim Management Agreement was terminated effective September 4, 2020 and we have no further continuing involvement with SMTA.
Given the onset of the
COVID-19
pandemic in 2020, many of our tenants requested rent deferrals or other forms of relief. Our discussions with tenants requesting relief substantially focused on industries that have been directly disrupted by the
COVID-19
pandemic and restrictions intended to prevent its spread, particularly movie theaters, casual dining restaurants, entertainment, health and fitness and hotels. These and other industries may be further impacted in the future depending on various factors, including the duration of the
COVID-19
pandemic, the reinstitution of restrictions intended to prevent its spread or the imposition of new, more restrictive measures. Even after such restrictions are lifted or reduced, the willingness of customers to visit our tenants’ businesses may be reduced due to lingering concerns regarding the continued risk of
COVID-19
transmission and heightened sensitivity to risks associated with the transmission of other diseases.
For the year ended December 31, 2020, we deferred $31.9 million of rent, of which we recognized $26.3 million in rental income (the remaining $5.6 million was deemed not probable of collection), and abated $6.3 million of rent. As of December 31, 2020, we had an accounts receivable balance of $20.2 million related to deferred rent. For the year
35
Table of Contents
ended December 31, 2021, we expect to see significant reductions in the impact of
COVID-19
and have currently granted additional rent deferrals of $9.2 million and abatements of $1.0 million. For rent deferrals, the deferral periods range generally from one to six months, with an average deferral period of four months and an average repayment period of 12 months. Of the tenants who we have granted rent deferrals, 19% are public companies and the weighted average remaining lease term of leases with deferrals is 10.2 years (based on Base Rent). Although we are and will continue to be actively engaged in rent collection efforts related to uncollected rent, as well as working with certain tenants who have requested rent deferrals, we can provide no assurance that such efforts or our efforts in future periods will be successful, particularly in the event that the
COVID-19
pandemic and restrictions intended to prevent its spread continue for a prolonged period. Refer to Part I, Item 1A. “Risk Factors” for additional information about the potential impact of the
COVID-19
pandemic and restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our stockholders.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our accounting policies are determined in accordance with GAAP. The preparation of our financial statements requires us to make estimates and assumptions that are subjective in nature and, as a result, our actual results could differ materially from our estimates. Estimates and assumptions include, among other things, subjective judgments regarding the fair values and useful lives of our properties for depreciation and lease classification purposes, the collectability of receivables and asset impairment analysis. Set forth below are the more critical accounting policies that require management judgment and estimates in the preparation of our consolidated financial statements. See Notes 2 and 8 to the consolidated financial statements for additional details.
Purchase Accounting and Acquisition of Real Estate; Lease Intangibles
We evaluate a number of factors in estimating fair value of real estate acquisitions, including building age, building location, building condition, rent comparables from similar properties, and terms of
in-place
leases, if any. Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of
in-place
leases and above or below-market leases.
In-place
lease intangibles are valued based on our estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. We then allocate the purchase price (including acquisition and closing costs) to land, building, improvements and equipment based on their relative fair values. For properties acquired with
in-place
leases, we allocate the purchase price of real estate to the tangible and intangible assets and liabilities acquired based on their estimated fair values. Above and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and our estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, over the renewal period.
Rental Income: Cash and Straight-line Rent
We primarily lease real estate to our tenants under long-term,
triple-net
leases that are classified as operating leases. To evaluate lease classification, we assess the terms and conditions of the lease to determine the appropriate lease term and do not include options to extend, terminate or purchase in our evaluation for lease classification purposes or for recognizing rental income unless we are reasonably certain the tenant will exercise the option. Lease classification also requires an estimation of the residual value of the property at the end of the lease term. For acquisitions, we use the estimated tangible fair value of the property at the date of acquisition. For lease modifications, we generally use sales comparables or a direct capitalization approach to determine fair value.
Our leases generally provide for rent escalations throughout the term of the lease. For leases with fixed rent escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. For leases with contingent rent escalators, increases in rental revenue are recognized when the changes in the rental rates have occurred. Some of our leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized when the change in the factor on which the contingent lease payment is based actually occurs.
In April 2020, the FASB released a Staff Q&A regarding the accounting for lease concessions related to the effects of the
COVID-19
pandemic, noting that the underlying premise in requiring a modified lease to be accounted for as if it
36
Table of Contents
were a new lease under ASC 842 is that the modified terms and conditions affect the economics of the lease for the remainder of the lease term. As such, the FASB staff clarified that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the
COVID-19
pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). We made this election and account for rent deferrals by increasing the rent receivables as receivables accrue and continuing to recognize income during the deferral period. Lease concessions other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification.
Rental income, including deferred rent, is subject to an evaluation for collectability, which includes our estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. We do not recognize rental income for amounts that are not probable of collection.
Impairment
We review our real estate investments and related lease intangibles periodically for indicators of impairment including, but not limited to: the asset being held for sale, vacant or
non-operating,
tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, we then evaluate if its carrying amount may not be recoverable. We consider factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows.
Impairment is calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, the amount by which the carrying value exceeds fair value less costs to sell. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. The fair values of real estate and intangible assets are determined using the following information, depending on availability, in order of preference: signed purchase and sale agreements or letters of intent; broker opinions of value; market prices for comparable properties; estimates of residual value; and expectations for the use of the real estate.
REIT Status
We elected to be taxed as a REIT for federal income tax purposes commencing with our taxable year ended December 31, 2005. We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT commencing with such taxable year, and we intend to continue operating in such a manner. To maintain our REIT status, we are required to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate level federal income tax on the earnings distributed to our stockholders that we derive from our REIT qualifying activities. We are still subject to state and local income and franchise taxes and to federal income and excise tax on our undistributed income. If we fail to qualify as a REIT in any taxable year and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal corporate tax, including any applicable alternative minimum tax for taxable years beginning before January 1, 2018. Unless entitled to relief under specific statutory provisions, we would be ineligible to elect to be treated as a REIT for the four taxable years following the year for which we lose our qualification. It is not possible to state whether in all circumstances we would be entitled to this statutory relief.
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Table of Contents
RESULTS OF OPERATIONS
In this section, we discuss the results of our operations for the year ended December 31, 2020 compared to the year ended December 31, 2019. For a discussion of the year ended December 31, 2019 compared to the year ended December 31, 2018, please refer to Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form
10-K
for the year ended December 31, 2019.
Years Ended December 31,
(In Thousands)
2020
2019
Change
% Change
Revenues:
Rental income
$    479,901
$    438,691
$       41,210
9.4
%
Interest income on loans receivable
998
3,240
(2,242
)
(69.2
)%
Earned income from direct financing leases
571
1,239
(668
)
(53.9
)%
Related party fee income
678
69,218
(68,540
)
(99.0
)%
Other income
1,469
4,039
(2,570
)
(63.6
)%
Total revenues
483,617
516,427
(32,810
)
(6.4
)%
Expenses:
General and administrative
48,380
52,424
(4,044
)
(7.7
)%
Termination of interest rate swaps
—
12,461
(12,461
)
(100.0
)%
Property costs (including reimbursable)
24,492
18,637
5,855
31.4
%
Deal pursuit costs
2,432
844
1,588
NM
Interest
104,165
101,060
3,105
3.1
%
Depreciation and amortization
212,620
175,465
37,155
21.2
%
Impairments
81,476
24,091
57,385
NM
Total expenses
473,565
384,982
88,583
23.0
%
Other income:
Loss on debt extinguishment
(7,227
)
(14,330
)
7,103
(49.6
)%
Gain on disposition of assets
24,156
58,850
(34,694
)
(59.0
)%
Preferred dividend income from SMTA
—
10,802
(10,802
)
(100.0
)%
Total other income
16,929
55,322
(38,393
)
(69.4
)%
Income before income tax expense
26,981
186,767
(159,786
)
(85.6
)%
Income tax expense
(273
)
(11,501
)
11,228
(97.6
)%
Net income
$      26,708
$    175,266
$    (148,558
)
(84.8
)%
NM - Percentages over 100% are not displayed.
Changes related to operating properties
Rental income; Property costs (including reimbursable); Depreciation and amortization
The components of rental income are summarized below:
Years Ended December 31,
(In Thousands)
2020
2019
Base Cash Rent
$
453,013
$
404,720
Variable cash rent (including reimbursables)
13,176
12,737
Straight-line rent, net of uncollectible reserve
11,876
16,924
Amortization of above- and below- market lease intangibles, net
1,836
4,310
Total rental income
$
479,901
$
438,691
The increase in Base Cash Rent, the largest component of rental income, year-over-year was driven by our net acquisitions, which also was the driver for the increase in depreciation and amortization. We acquired 146 properties
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during 2020 with a total of $58.4 million of annual
in-place
rent (monthly fixed rent at date of transaction multiplied by 12). During the same period, we disposed of 38 properties, 20 of which were vacant and the remaining 18 had annual
in-place
rents of $4.5 million. Our acquisition and disposition activity for the year ended December 31, 2020 is summarized below (in thousands):
The increase in Base Cash Rent due to net acquisitions was partially offset by an increase in amounts deemed not probable of collection, driven by tenant credit issues from the
COVID-19
pandemic, from a net recovery of $0.4 million for the year ended December 31, 2019 to a net reduction of $10.9 million for the year ended December 31, 2020. A majority of these tenant credit issues relate to tenants in the movie theater industry and we expect movie theater operators to continue to face headwinds in 2021. The increase year-over-year was also reduced by $6.3 million of rent abatements for the year ended December 31, 2020, which were executed as relief due to the
COVID-19
pandemic.
Variable cash rent is primarily comprised of tenant reimbursements, where our tenants are obligated under the lease agreement to reimburse us for certain property costs we incur, less reimbursements we deem not probable of collection. As such, the change in variable cash rent is driven by the change in property costs year-over-year. For the year ended December 31, 2020, property costs included $14.5 million of reimbursable expenses, compared to $14.9 million for 2019. As such, variable cash rent and reimbursable property costs remained relatively flat year-over-year. The remaining $10.0 million of property costs for the year ended December 31, 2020 were
non-reimbursable,
compared to $3.7 million for 2019. The increase in
non-reimbursable
costs of $6.3 million was driven by an increase in
non-reimbursable
property taxes of $3.7 million due to tenant credit issues from the
COVID-19
pandemic, as well as an increase in carrying costs of vacant properties of $2.2 million due to a decreased average occupancy during 2020 compared to 2019.
Non-cash
rental income consists of straight-line rental revenue, amortization of above- and below-market lease intangibles and bad debt expense.
Non-cash
rental income decreased period-over-period primarily as a result of a $14.7 million increase in straight-line rental revenue deemed not probable of collection, driven by tenant credit issues from the
COVID-19
pandemic. This was partially offset by an increase in straight-line rental revenue of $9.7 million year-over-year as a result of acquisitions and lease modifications.
Impairments
Impairments increased year-over-year on underperforming properties, with $49.0 million of impairments recorded on 28 properties for the year ended December 31, 2020, compared to $18.6 million of impairments recorded on 27 properties in the comparative year. The increase was driven by multi-tenant properties, as well as single occupant properties with tenants in the health and fitness, casual dining and movie theater industries, all of which were significantly impacted by the
COVID-19
pandemic.
Impairments also increased year-over-year on Vacant properties, with $14.2 million of impairments recorded on eight properties for the year ended December 31, 2020, compared to $5.5 million of impairments recorded on seven properties in the comparative year.
Finally, the increase in impairments year-over-year was caused by $18.2 million of impairments recorded on lease intangible assets, primarily as a result of a tenant bankruptcy that had credit issues prior to the
COVID-19
pandemic which resulted in the termination of the lease for four properties, and $0.1 million of credit loss allowance on our direct financing lease during the year ended December 31, 2020, with no comparable impairments recognized in 2019.
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Gain on disposition of assets
Gain on disposition of assets decreased year-over-year. During the year ended December 31, 2020, we disposed of 38 properties and recorded net gains totaling $24.2 million. There were $23.2 million in net gains on the sale of 18 active properties and $1.3 million in net gains on the sale of 20 Vacant properties. These gains were partially offset by a $0.2 million loss recorded on the sale of a notes receivable and $0.1 million in other net losses.
During the year ended December 31, 2019, we disposed of 44 properties and recorded net gains totaling $58.9 million. There were $69.1 million in net gains on the sale of 23 active properties and $1.5 million in net gains on the sale of 18 Vacant properties. One property was returned to the lender in conjunction with CMBS debt extinguishment and two properties were leasehold interests that were surrendered to the lessors, which did not result in a gain or loss on disposition. Additionally, one building in a multi-tenant property was sold, resulting in a net loss of $11.7 million, and the remaining stand-alone occupied building of this property was retained.
Changes related to debt
Interest expense; Loss on debt extinguishment; Termination of interest rate swaps
Our debt as of December 31, 2019 and 2020 is summarized below (in thousands):
In January 2019, we terminated the 2015 Credit Agreement and the 2015 Term Loan Agreement, resulting in a loss on debt extinguishment of $0.7 million, and entered into the 2019 Revolving Credit and Term Loan Agreement, comprised of the 2019 Credit Facility and
A-1
Term Loans. We also simultaneously entered into delayed draw
A-2
Term Loans, which were drawn in May 2019 to repurchase the 2019 Convertible Notes at their maturity.
In June 2019, we issued the 2029 Senior Notes and extinguished the Master Trust 2013 notes, resulting in a loss on debt extinguishment of $15.0 million. In September 2019, we issued the 2027 Senior Notes and the 2030 Senior Notes. Proceeds from these issuances were primarily utilized to terminate the
A-1
Term Loans and
A-2
Term Loans, which resulted in a loss on debt extinguishment of $5.3 million. Additionally, during 2019, we extinguished two CMBS loans, resulting in a net gain on debt extinguishment of $6.7 million.
During the first half of 2020, we entered into the 2020 Term Loans. In August 2020, we issued $450.0 million of 2031 Senior Notes, which triggered a mandatory repayment of $222.0 million of the 2020 Term Loans that resulted in a loss on debt extinguishment of $1.0 million. Remaining proceeds from the 2031 Senior Notes issuance were primarily utilized to repurchase $154.6 million of Convertible 2021 Notes, resulting in a loss on debt extinguishment of $6.2 million. Subsequent to December 31, 2020, we repaid the remaining 2020 Term Loans in full and expect to settle the remaining 2021 Convertible Notes in cash during 2021.
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These changes in our debt structure resulted in an overall increase in our total debt outstanding, but with a reduction in our weighted average interest rate from 3.85% at December 31, 2019 to 3.64% at December 31, 2020. As such, we had a slight increase in total interest expense year-over-year:
Years Ended December 31,
(In Thousands)
2020
2019
Interest expense – revolving credit facilities
$
3,686
$
5,201
Interest expense – term loans
3,545
15,448
Interest expense – Senior Unsecured Notes
61,750
29,286
Interest expense – mortgages and notes payable
12,028
18,733
Interest expense – Convertible Notes
10,728
17,245
Interest expense – interest rate swaps
—
972
Non-cash
interest expense
12,428
14,175
Total interest expense
$
104,165
$
101,060
Finally, in September 2019, we terminated our interest rate swaps, which were entered into as a hedge against our variable-rate debt, in conjunction with the repayment of the
A-1
Term Loans and
A-2
Term Loans. This termination resulted in a fee of $24.8 million. As we continued to hold variable-rate debt at time of termination, a portion of the hedged transactions remained probable to occur. Therefore, only $12.5 million was initially expensed and the remainder of the termination fee is being amortized over the remaining initial term of the interest rate swaps to interest expense.
Changes related to SMTA
Related party fee income; Preferred dividend income from SMTA; Income tax expense
In conjunction with the
Spin-Off,
we entered into the Asset Management Agreement with SMTA pursuant to which we provided a management team responsible for implementing SMTA ’s business strategy and performing certain services for SMTA. We also provided property management services and special services for Master Trust 2014, which was contributed to SMTA as part of the
Spin-Off.
Upon SMTA’s sale of Master Trust 2014 in September 2019, both the Asset Management Agreement and the Property Management and Servicing Agreement were terminated. We simultaneously entered into the Interim Management Agreement at a reduced annual rate, under which we agreed to manage and liquidate the remaining SMTA assets until its termination effective September 4, 2020. The following table summarizes our related party fee income under these agreements:
Years Ended December 31,
(In Thousands)
2020
2019
Management fees
(1)
$
678
$
15,635
Property management and special services fees
—
5,427
Termination fee related to the Asset Management Agreement
—
48,156
Total related party fee income
$
678
$
69,218
(1)
Includes $0.9 million of stock compensation awarded by SMTA to an employee of Spirit for the year ended December 31, 2019, which was fully offset by $0.9 million in general and administrative expenses.
Related party fee income was earned through a wholly-owned TRS and was subject to federal and state income tax. As such, the termination fee income earned in the third quarter of 2019 resulted in an increased income tax expense for the year ended December 31, 2019.
Additionally, as part of the
Spin-Off,
SMTA issued to us 10% Series A preferred shares, which generated $10.8 million of preferred dividend income for the year ended December 31, 2019. In September 2019, in conjunction with SMTA’s sale of Master Trust 2014, SMTA repurchased the preferred shares at their aggregate liquidation preference of $150.0 million.
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Changes related to general and administrative expenses
Year-over-year general and administrative expenses decreased by $4.0 million, driven by a decrease in compensation expenses of $4.7 million, primarily as a result of decreased accruals for market-based and merit-based compensation, as well as a $0.7 million decrease in travel expenses as a result of the
COVID-19
pandemic. Decreases year-over-year were partially offset by $1.7 million of expenses recognized during the year ended December 31, 2020 related to the
COVID-19
pandemic, mainly as a result of increased legal fees for executing rent deferral and abatement agreements.
LIQUIDITY AND CAPITAL RESOURCES
Forward equity issuance
In June 2020, we entered into forward sale agreements with certain financial institutions acting as forward purchasers in connection with an offering of 9.2 million shares of common stock at an initial public offering price of $37.35 per share, before underwriting discounts and offering expenses. The forward purchasers borrowed and sold an aggregate of 9.2 million shares of common stock in the offering. We did not receive any proceeds from the sale of our shares of common stock by the forward purchasers at the time of the offering. The forward sale price that we received upon physical settlement of the agreements, which was initially $35.856 per share, was subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements. As of December 31, 2020, we had physically settled all 9.2 million of these shares for net proceeds of $319.1 million.
ATM Program
In November 2020, the Board of Directors approved a new $500.0 million ATM program, and we terminated the 2016 ATM Program. Sales of shares of our common stock under the 2020 ATM Program may be made in sales deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act.
The 2020 ATM Program contemplates that, in addition to the issuance and sale by us of shares of our common stock to or through the agents, we may enter into separate forward sale agreements with one of the agents or one of their respective affiliates (in such capacity, each, a “forward purchaser” and, collectively, the “forward purchasers”). When we enter into a forward sale agreement with any forward purchaser, we expect that such forward purchaser will attempt to borrow from third parties and sell, through the relevant agent, acting as sales agent for such forward purchaser, shares of our common stock to hedge such forward purchaser’s exposure under such forward sale agreement. We will not initially receive any proceeds from any sale of shares of our common stock borrowed by a forward purchaser and sold through a forward seller.
We currently expect to fully physically settle any forward sale agreement with the relevant forward purchaser on one or more dates specified by us on or prior to the maturity date of such forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied by the relevant forward price per share. However, subject to certain exceptions, we may also elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which case we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser.
During the year ended December 31, 2020, 7.1 million shares were sold under the ATM Programs, comprised of 3.6 million under the 2016 ATM Program and 3.5 million sold under the 2020 ATM Program. All of these sales were sold by forward purchasers through agents under the applicable ATM Program and pursuant to forward sales agreements. The forward sale price that we will receive upon physical settlement of the agreements is subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements. During the year ended December 31, 2020, 2.9 million of these shares were physically settled for net proceeds of $109.2 million. As of December 31, 2020, there were 4.1 million shares remaining under open forward sales agreements. Assuming the full physical settlement of those open forward sales agreements, we have remaining capacity of $369.7 million under the 2020 ATM Program as of December 31, 2020.
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Short-term liquidity and capital resources
On a short-term basis, our principal demands for funds will be for operating expenses, acquisitions, distributions to stockholders and payment of interest and principal on current and any future debt financings. We expect to fund these demands primarily through cash provided by operating activities, borrowings under the 2019 Credit Facility, and, when market conditions warrant, issuances of equity securities, including shares of our common stock under our 2020 ATM program. As of December 31, 2020, available liquidity was comprised of $70.3 million in cash and cash equivalents, $800.0 million of borrowing capacity under the 2019 Credit Facility and $13.0 million in restricted cash and restricted cash equivalents. Also, as of December 31, 2020, we had $151.5 million of expected proceeds available assuming the full physical settlement of our open forward equity contracts and remaining capacity of $369.7 million under our 2020 ATM Program. We believe that this available liquidity makes us well positioned to navigate any macroeconomic uncertainty resulting from the
COVID-19
pandemic restrictions intended to prevent its spread.
Long-term liquidity and capital resources
We plan to meet our long-term capital needs, including long-term financing of property acquisitions, by issuing registered debt or equity securities, by obtaining asset level financing and by issuing fixed-rate secured or unsecured notes and bonds. In the future, some of our property acquisitions could be made by issuing partnership interests of our Operating Partnership in exchange for property owned by third parties. These partnership interests would be exchangeable for cash or, at our election, shares of our common stock. We continually evaluate financing alternatives and believe that we can obtain financing on reasonable terms. However, we cannot be sure that we will have access to the capital markets at times and on terms that are acceptable to us. Refer to “Part I, Item 1A. Risk Factors” for additional information about the potential impact of the
COVID-19
pandemic and restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our stockholders. We expect that our primary uses of capital will be for property and other asset acquisitions, the payment of tenant improvements, operating expenses, debt service payments and distributions to our stockholders.
Description of certain debt
The following descriptions of debt should be read in conjunction with Note 4 to the consolidated financial statements herein.
2019 Credit Facility
As of December 31, 2020, the aggregate gross commitment under the 2019 Credit Facility was $800.0 million, which may be increased up to $1.2 billion by exercising an accordion feature, subject to satisfying certain requirements and obtaining additional lender commitments. The 2019 Credit Facility has a maturity of March 31, 2023 and includes two
six-month
extensions that can be exercised at our option.
We may voluntarily prepay the 2019 Credit Facility, in whole or in part, at any time without premium or penalty. Payment of the 2019 Credit Facility is unconditionally guaranteed by the Company and material subsidiaries that meet certain conditions (as defined in the 2019 Facilities Agreements). As of December 31, 2020, there were no subsidiaries that met this requirement.
As of December 31, 2020, the 2019 Credit Facility bore interest at
1-Month
LIBOR plus 0.90%, with no borrowings outstanding, and a ratings-based facility fee in the amount of 0.20% per annum. As of December 31, 2020, there were no letters of credit outstanding.
Amounts available for borrowing under the 2019 Credit Facility remained subject to compliance with certain customary restrictive covenants including:
•
Maximum leverage ratio (defined as consolidated total indebtedness of the Company, net of certain cash and cash equivalents, to total asset value) of 0.60:1.00;
•
Minimum fixed charge coverage ratio (defined as EBITDA of the Company, to fixed charges) of 1.50:1.00;
•
Maximum secured indebtedness leverage ratio (defined as consolidated secured indebtedness of the Company, net of certain cash and cash equivalents, to total asset value) of 0.50:1:00;
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•
Minimum unsecured interest coverage ratio (defined as consolidated net operating income from unencumbered properties, to unsecured interest expense) of 1.75:1.00; and
•
Maximum unencumbered leverage ratio (defined as consolidated unsecured indebtedness of the Company, net of certain cash and cash equivalents, to total unencumbered asset value) of 0.60:1:00.
In addition to these covenants, the 2019 Credit Agreement also included other customary affirmative and negative covenants, such as (i) limitation on liens and negative pledges; (ii) transactions with affiliates; (iii) limitation on mergers, consolidations and sales of all or substantially all assets; (iv) maintenance of status as a REIT and listing on any national securities exchange; and (v) material modifications to organizational documents. As of December 31, 2020, the Corporation and the Operating Partnership were in compliance with these covenants.
2020 Term Loans
As of December 31, 2020, $178.0 million was outstanding under the 2020 Term Loan Agreement. On January 4, 2021, we repaid the 2020 Term Loans in full. The 2020 Term Loans had a maturity of April 2, 2022 and bore interest at a rate of LIBOR plus an applicable margin of 1.50% per annum.
Senior Unsecured Notes
As of December 31, 2020, we had the following Senior Unsecured Notes outstanding (dollars in thousands):
Maturity Date
Stated Interest
Rate
December 31,
2020
2026 Senior Notes
September 15, 2026
4.45
%
$
300,000
2027 Senior Notes
January 15, 2027
3.20
%
$
300,000
2029 Senior Notes
July 15, 2029
4.00
%
$
400,000
2030 Senior Notes
January 15, 2030
3.40
%
$
500,000
2031 Senior Notes
February 15, 2031
3.20
%
$
450,000
Total Senior Unsecured Notes
3.61
%
$
1,950,000
Interest on the Senior Unsecured Notes is payable on January 15 and July 15 of each year, except for the 2026 Senior Notes, for which interest is payable on March 15 and September 15 of each year, and the 2031 Senior Notes, for which interest is payable on February 15 and August 15 of each year. The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of: an amount equal to 100% of the principal amount of the respective Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium calculated in accordance with the respective indenture. Notwithstanding the foregoing, if any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium.
The indentures governing the Senior Unsecured Notes subject the Corporation and Operating Partnership to certain customary restrictive covenants that limit their ability to incur additional indebtedness, including:
•
Maximum leverage ratio (defined as consolidated total indebtedness, to total consolidated undepreciated real estate assets plus the Company’s other assets, excluding accounts receivable and
non-real
estate intangibles) of 0.60:1.00;
•
Minimum unencumbered asset coverage ratio (defined as total consolidated undepreciated real estate assets plus the Company’s other assets, excluding accounts receivable and
non-real
estate intangibles, to consolidated total unsecured indebtedness) of 1.50:1:00;
•
Maximum secured indebtedness leverage ratio (defined as consolidated total secured indebtedness, to total consolidated undepreciated real estate assets plus the Company’s other assets, excluding accounts receivable and
non-real
estate intangibles) of 0.40:1.00; and
•
Minimum fixed charge coverage ratio (defined as consolidated income available for debt service, to the annual service charge) of 1.50:1.0.
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The indentures governing the Senior Unsecured Notes also include other customary affirmative and negative covenants, including (i) maintenance of the Corporation’s existence; (ii) payment of all taxes, assessments and governmental charges levied against the Corporation; (iii) reporting on financial information; and (iv) maintenance of properties and insurance. As of December 31, 2020, the Corporation and the Operating Partnership were in compliance with these covenants.
CMBS
In general, the obligor of our asset level debt is a special purpose entity that holds the real estate and other collateral securing the indebtedness. Each special purpose entity is a bankruptcy remote separate legal entity and is the sole owner of its assets and solely responsible for its liabilities other than typical
non-recurring
covenants.
As of December 31, 2020, we had five fixed-rate CMBS loans with $214.2 million of aggregate outstanding principal, a weighted-average contractual interest rate of 5.47% and a weighted-average maturity of 2.8 years. Approximately 86.93% of this debt is partially amortizing and requires a balloon payment at maturity. The following table shows the scheduled principal repayments, including amortization, of the CMBS fixed-rate loans as of December 31, 2020 (dollars in thousands):
Year of Maturity
Number of
Loans
Number of
Properties
Stated Interest
Rate Range
Weighted
Average Stated
Rate
Scheduled
Principal
Balloon
Total
2021
—
—
—%
—
%
$
4,365
$
—
$
4,365
2022
—
—
—%
—
4,617
—
4,617
2023
3
86
5.23%-5.50%
5.46
3,074
197,912
200,986
2024
—
—
—%
—
590
—
590
2025
1
1
6.00%
6.00
610
16
626
Thereafter
1
1
5.80%
5.80
3,000
53
3,053
Total
5
88
5.47
%
$
16,256
$
197,981
$
214,237
Convertible Notes
As of December 31, 2020, the Convertible Notes were comprised of $190.4 million aggregate principal amount of 3.75% convertible notes maturing on May 15, 2021. Interest on the 2021 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
Holders may convert the 2021 Notes prior to November 15, 2020 only under specific circumstances: (i) if the closing price of our common stock for each of the last 20 trading days (whether or not consecutive) during the last 30 consecutive trading days in the quarter is greater than or equal to 130% of the conversion price for the Convertible Notes; (ii) during the five business day period after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last closing price of our common stock and the conversion rate for the Convertible Notes; (iii) if we call any or all of the Convertible Notes for redemption prior to the redemption date; or (iv) upon the occurrence of specified corporate events as described in the Convertible Notes prospectus supplement. From November 15, 2020 to the close of business on the second scheduled trading day immediately preceding the maturity date of the 2021 Notes, holders may convert the 2021 Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver cash, shares of common stock or a combination of cash and shares of common stock, at our election.
The conversion rate is subject to adjustment for some events, including dividends paid in excess of threshold amounts stipulated in the agreement, but will not be adjusted for any accrued and unpaid interest. As of December 31, 2020, the conversion rate was 17.4458 per $1,000 principal note. If we undergo a fundamental change (as defined in the 2021 Notes’ supplemental indenture), holders may require us to repurchase all or any portion of their notes at a repurchase price equal to 100% of the principal amount of such notes to be repurchased, plus accrued and unpaid interest.
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Debt Maturities
Future principal payments due on our various types of debt outstanding as of December 31, 2020 (in thousands):
Total
2021
2022
2023
2024
2025
Thereafter
2019 Credit Facility
$
—
$
—
$
—
$
—
$
—
$
—
$
—
2020 Term Loans
178,000
—
178,000
—
—
—
—
Senior Unsecured Notes
1,950,000
—
—
—
—
—
1,950,000
CMBS
214,237
4,365
4,617
200,986
590
626
3,053
Convertible Notes
190,426
190,426
—
—
—
—
—
$
2,532,663
$
194,791
$
182,617
$
200,986
$
590
$
626
$
1,953,053
Contractual Obligations
The following table provides information with respect to our commitments, including acquisitions under contract, as of December 31, 2020 (in thousands):
Contractual Obligations
Payment due by period
Total
Less than 1 year
1-3
years
3-5
years
More than 5 years
Debt - Principal
$
2,532,663
$
194,791
$
383,603
$
1,216
$
1,953,053
Debt - Interest
(1)
606,997
85,958
160,908
141,125
219,006
Acquisitions Under Contract
(2)
47,985
47,985
—
—
—
Capital Improvements
12,655
12,404
251
—
—
Operating Lease Obligations
7,818
1,301
2,457
2,476
1,584
Total
$
3,208,118
$
342,439
$
547,219
$
144,817
$
2,173,643
(1)
Debt - Interest has been calculated based on outstanding balances as of December 31, 2020 through their respective maturity dates and excludes unamortized
non-cash
deferred financing costs of $18.5 million and unamortized debt discount, net of $7.8 million.
(2)
Contracts contain standard cancellation clauses contingent on results of due diligence.
Distribution Policy
Distributions from our current or accumulated earnings are generally classified as ordinary income, whereas distributions in excess of our current and accumulated earnings, to the extent of a stockholder’s federal income tax basis in our common stock, are generally characterized as a return of capital. Under the 2017 Tax Legislation, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 31, 2017 and before January 1, 2026. Distributions in excess of a stockholder’s federal income tax basis in our common stock are generally characterized as capital gain.
We are required to distribute 90% of our taxable income (subject to certain adjustments and excluding net capital gains) on an annual basis to maintain qualification as a REIT for federal income tax purposes and are required to pay federal income tax at regular corporate rates to the extent we distribute less than 100% of our taxable income (including capital gains).
We intend to make distributions that will enable us to meet the distribution requirements applicable to REITs and to eliminate or minimize our obligation to pay corporate-level federal income and excise taxes.
Any distributions will be at the sole discretion of our Board of Directors, and their form, timing and amount, if any, will depend upon a number of factors, including our actual and projected results of operations, FFO, liquidity, cash flows and financial condition, the revenue we actually receive from our properties, our operating expenses, our debt service requirements, our capital expenditures, prohibitions and other limitations under our financing arrangements, our REIT taxable income, the annual REIT distribution requirements, applicable laws and such other factors as our Board of Directors deems relevant. Refer to “Part I, Item 1A. Risk Factors” for additional information about the potential impact of the
COVID-19
pandemic and restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our stockholders.
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CASH FLOWS
In this section, we discuss our cash flows for the year ended December 31, 2020 compared to the year ended December 31, 2019. For a discussion of the year ended December 31, 2019 compared to the year ended December 31, 2018, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form
10-K
for the year ended December 31, 2019.
The following table presents a summary of our cash flows for the years ended December 31, 2020 and 2019 (in thousands):
Years Ended December 31,
2020
2019
Change
Net cash provided by operating activities
$
314,312
$
339,053
$
(24,741
)
Net cash used in investing activities
(747,750
)
(894,999
)
147,249
Net cash provided by financing activities
490,713
504,548
(13,835
)
Net increase (decrease) in cash, cash equivalents and restricted cash
$
57,275
$
(51,398
)
$
108,673
As of December 31, 2020, we had $83.3 million of cash, cash equivalents, and restricted cash as compared to $26.0 million as of December 31, 2019.
Operating Activities
Our cash flows from operating activities are primarily dependent upon the occupancy level of our portfolio, the rental rates specified in our leases, the collectability of rent and the level of our operating expenses and other general and administrative costs.
The decrease in net cash provided by operating activities was primarily attributable to the following:
•
a decrease in related party fee income of $70.5 million, which was primarily attributable to the $48.2 million termination fee received in connection with the termination of the Asset Management Agreement in September 2019, which was replaced by the Interim Management Agreement,
•
a decrease in preferred dividends received from SMTA of $14.6 million as a result of SMTA repurchasing the preferred shares in September 2019, and
•
an increase in cash interest paid of $9.4 million driven by the issuance of the 2027 Senior Notes, 2029 Senior Notes, 2030 Senior Notes, and 2031 Senior Notes.
The decrease was partially offset by the following:
•
termination fee costs of $24.8 million paid for the termination of interest rate swaps in 2019,
•
a decrease in cash taxes paid of $11.0 million primarily driven by the net decrease in taxable income in 2020 and sale of MTA, and
•
a net increase in cash rental revenue of $30.2 million, driven by net acquisitions over the trailing twelve month period, partially offset by $26.3 million of rent deferred and $6.3 million of rent abated during the year ended December 31, 2020 as a result of the
COVID-19
pandemic.
Investing Activities
Cash used in investing activities is generally used to fund property acquisitions, for investments in loans receivable and for capital expenditures. Cash provided by investing activities generally relates to the disposition of real estate and other assets.
Net cash used in investing activities during the year ended December 31, 2020 included $867.5 million for the acquisition of 146 properties and $12.7 million of capitalized real estate expenditures. These outflows were partially offset by $100.6 million in net proceeds from the disposition of 38 properties and the sale of one loan receivable. Additionally, the outflows were further offset by the collection of $31.8 million of principal on loans receivable, which includes $28.7 million for the paydown of the outstanding loan balances.
During the same period in 2019, net cash used in investing activities included $1.3 billion for the acquisition of 334 properties and $47.7 million of capitalized real estate expenditures. These outflows were partially offset by
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$253.6 million in net proceeds from the disposition of 44 properties, $150.0 million in proceeds from redemption of preferred equity investment in SMTA, $33.5 million in collections of the Master Trust Notes and $11.0 million in collections of principal on loans receivable and real estate assets under direct financing leases.
Financing Activities
Generally, our net cash provided by or used in financing activities is impacted by our borrowings under our revolving credit facilities and term loans, issuances of
net-lease
mortgage notes, common stock and debt offerings and repurchases and dividend payments on our common and preferred stock.
Net cash provided by financing activities during the year ended December 31, 2020 was primarily attributable to borrowings of $445.5 million under senior unsecured notes, net proceeds from the issuance of common stock of $428.3 million and net borrowings of $178.0 million under term loans. These amounts were partially offset by payment of dividends to equity owners of $270.8 million, repayment of $154.6 million on convertible notes, net repayments of $116.5 million on our revolving credit facilities, deferred financing costs of $6.6 million, common stock repurchases for employee tax withholdings totaling $4.4 million, repayment of $4.1 million on mortgages and notes payable and debt extinguishment costs of $4.0 million.
During the same period in 2019, net cash provided by financing activities was primarily attributable to borrowings of $1.2 billion under senior unsecured notes and net proceeds from the issuance of common stock of $677.4 million. These amounts were partially offset by net payments on the convertible notes, term loans, mortgages and notes payable, and revolving credit facilities of $402.5 million, $420.0 million, $242.0 million, and $29.8 million, respectively. Additionally, there were debt extinguishment costs of $15.3 million and deferred financing costs of $22.1 million during 2019. Payment of dividends to equity owners during 2019 was $236.9 million, and the common stock share repurchase for employee tax withholdings totaled $2.5 million.
Non-GAAP
Financial Measures
FFO AND AFFO
We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding real estate-related depreciation and amortization, impairment charges and net (gains) losses from property dispositions. FFO is a supplemental
non-GAAP
financial measure. We use FFO as a supplemental performance measure because we believe that FFO is beneficial to investors as a starting point in measuring our operational performance. Specifically, in excluding real estate-related depreciation and amortization, gains and losses from property dispositions and impairment charges, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of equity REITs, FFO will be used by investors as a basis to compare our operating performance with that of other equity REITs. However, because FFO excludes depreciation and amortization and does not capture the changes in the value of our properties that result from use or market conditions, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.
AFFO is a
non-GAAP
financial measure of operating performance used by many companies in the REIT industry. We adjust FFO to eliminate the impact of certain items that we believe are not indicative of our core operating performance, such as transactions costs associated with our
Spin-Off,
default interest and fees on
non-recourse
mortgage indebtedness, debt extinguishment gains (losses), costs associated with termination of interest rate swaps, costs associated with performing on a guarantee of a former tenant’s debt, and certain
non-cash
items. These certain
non-cash
items include
non-cash
revenues (comprised of straight-line rents net of bad debt expense, amortization of lease intangibles, and amortization of net premium/discount on loans receivable),
non-cash
interest expense (comprised of amortization of deferred financing costs and amortization of net debt discount/premium) and
non-cash
compensation expense.
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Other equity REITs may not calculate FFO and AFFO as we do, and, accordingly, our FFO and AFFO may not be comparable to such other equity REITs’ FFO and AFFO. FFO and AFFO do not represent cash generated from operating activities determined in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should only be considered a supplement, and not an alternative, to net income (loss) attributable to common stockholders (computed in accordance with GAAP) as a performance measure.
Adjusted Debt
Adjusted Debt represents interest bearing debt (reported in accordance with GAAP) adjusted to exclude unamortized debt discount/premium, deferred financing costs, and reduced by cash and cash equivalents and cash reserves on deposit with lenders as additional security. By excluding these amounts, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. We believe this calculation constitutes a beneficial supplemental
non-GAAP
financial disclosure to investors in understanding our financial condition.
EBITDA
re,
Adjusted EBITDA
re
and Annualized Adjusted EBITDA
re
EBITDAre is a
non-GAAP
financial measure and is computed in accordance with standards established by NAREIT. EBITDAre is computed as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense (if any), plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairments of depreciated property.
Adjusted EBITDAre represents EBITDAre as adjusted for revenue producing acquisitions and dispositions for the quarter as if such acquisitions and dispositions had occurred as of the beginning of the quarter and for certain items that we believe are not indicative of our core operating performance, such as transactions costs associated with our
Spin-Off,
debt extinguishment gains (losses), and costs associated with performing on a guarantee of a former tenant’s debt. We focus our business plans to enable us to sustain increasing shareholder value. Accordingly, we believe that excluding these items, which are not key drivers of our investment decisions and may cause short-term fluctuations in net income, provides a useful supplemental measure to investors and analysts in assessing the net earnings contribution of our real estate portfolio. Because these measures do not represent net income (loss) that is computed in accordance with GAAP, they should only be considered a supplement, and not an alternative, to net income (loss) (computed in accordance with GAAP) as a performance measure.
Annualized Adjusted EBITDAre is calculated as Adjusted EBITDAre for the quarter, adjusted for amounts deemed not probable of collection (recoveries) for straight-line rent related to prior periods and items where annualization would not be appropriate, multiplied by four. Our computation of Adjusted EBITDAre and Annualized Adjusted EBITDAre may differ from the methodology used by other equity REITs to calculate these measures and, therefore, may not be comparable to such other REITs.
Adjusted Debt to Annualized Adjusted EBITDA
re
Adjusted Debt to Annualized Adjusted EBITDAre is a supplemental
non-GAAP
financial measure we use to evaluate the level of borrowed capital being used to increase the potential return of our real estate investments, and a proxy for a measure we believe is used by many lenders and ratings agencies to evaluate our ability to repay and service our debt obligations over time. We believe the ratio is a beneficial disclosure to investors as a supplemental means of evaluating our ability to meet obligations senior to those of our equity holders. Our computation of this ratio may differ from the methodology used by other equity REITs, and, therefore, may not be comparable to such other REITs. A reconciliation of interest-bearing debt (computed in accordance with GAAP) to Adjusted Debt is included in the financial information accompanying this report.
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FFO and AFFO
Years Ended December 31,
(Dollars in thousands, except per share data)
2020
2019
2018
Net income attributable to common stockholders
$
16,358
$
164,916
$
121,700
Portfolio depreciation and amortization
212,038
174,895
197,346
Portfolio impairments
81,476
24,091
17,668
Gain on disposition of assets
(24,156
)
(58,850
)
(14,355
)
FFO attributable to common stockholders
$
285,716
$
305,052
$
322,359
Loss (gain) on debt extinguishment
7,227
14,330
(26,729
)
Deal pursuit costs
2,432
844
549
Transaction costs
—
—
21,391
Non-cash
interest expense
12,428
14,175
22,866
Accrued interest and fees on defaulted loans
—
285
1,429
Straight-line rent, net of related bad debt expense
(11,876
)
(16,924
)
(15,382
)
Other amortization and
non-cash
charges
(918
)
(2,769
)
(2,434
)
Swap termination costs
—
12,461
—
Non-cash
compensation expense
12,640
14,277
15,114
Other G&A costs associated with
Spin-Off
—
—
1,841
Other expense
—
—
5,319
Costs related to
COVID-19
(1)
1,798
—
—
AFFO attributable to common stockholders
(2)
$
309,447
$
341,731
$
346,323
Net income per share of common stock - diluted
$
0.15
$
1.81
$
1.39
FFO per share of common stock - diluted
(3)
$
2.73
$
3.34
$
3.71
AFFO per share of common stock - diluted
(3)
$
2.95
$
3.75
$
3.99
AFFO per share of common stock, excluding AM termination fee and Haggen settlement
(3)(4)
$
2.95
$
3.34
$
3.78
Weighted average shares of common stock outstanding - diluted
104,535,384
90,869,312
86,476,449
(1)
Costs related to
COVID-19
are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements.
(2)
AFFO for the year ended December 31, 2020 includes $26.3 million of deferred rental income recognized in conjunction with the FASB’s relief for deferral agreements extended as a result of the
COVID-19
pandemic.
(3)
Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted:
Years Ended December 31,
2020
2019
2018
FFO $ 0.8 million $ 1.2 million $ 1.4 million
AFFO $ 0.9 million $ 1.4 million $ 1.5 million
(4)
AFFO attributable to common stockholders for the year ended December 31, 2019, excluding $48.2 million of termination fee income, net of $11.3 million in income tax expense. The termination fee was received in conjunction with SMTA’s sale of Master Trust 2014 in September 2019 and termination of the Asset Management Agreement on September 20, 2019. AFFO attributable to common stockholders has not been adjusted to exclude the following amounts for the year ended December 31, 2019: (i) asset management fees of $14.7 million; (ii) property management and servicing fees of $5.4 million; (iii) preferred dividend income from SMTA $10.8 million; (iv) interest income on related party notes receivable of $1.1 million and an early repayment premium of $0.9 million; and (v) interest expense on related party loans payable of $0.2 million.
AFFO attributable to common stockholders for the year ended December 31, 2018 excludes proceeds from the Haggen settlement of $19.1 million.
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Adjusted Debt, Adjusted EBITDAre and Annualized Adjusted EBITDAre
December 31,
(Dollars in thousands)
2020
2019
Revolving credit facilities
$
—
$
116,500
Term loans
177,309
—
Senior Unsecured Notes, net
1,927,348
1,484,066
Mortgages and notes payable, net
212,582
216,049
Convertible Notes, net
189,102
336,402
Total debt, net
2,506,341
2,153,017
Unamortized debt discount, net
7,807
9,272
Unamortized deferred financing costs
18,515
17,549
Cash and cash equivalents
(70,303
)
(14,492
)
Restricted cash balances held for the benefit of lenders
(12,995
)
(11,531
)
Adjusted Debt
$
2,449,365
$
2,153,815
Three Months
Ended December 31,
(Dollars in thousands)
2020
2019
Net income
$
29,170
$
4,657
Interest
26,307
24,598
Depreciation and amortization
55,054
48,867
Income tax benefit
(133
)
(229
)
(Gain) loss on disposition of assets
(12,347
)
11,910
Portfolio impairments
11,547
10,860
EBITDA
re
$
109,598
$
100,663
Adjustments to revenue producing acquisitions and dispositions
4,596
6,881
Deal pursuit costs
802
270
(Gain) loss on debt extinguishment
(25
)
2,857
Costs related to
COVID-19
(1)
358
—
Adjusted EBITDA
re
$
115,329
$
110,671
Adjustments related to straight-line rent
(2)
(506
)
—
Other adjustments for Annualized Adjusted EBITDA
re
(3)
397
58
Annualized Adjusted EBITDA
re
$
460,880
$
442,916
Adjusted Debt / Annualized Adjusted EBITDA
re
(4)
5.3x
4.9x
(1)
Costs related to
COVID-19
are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements.
(2)
Adjustment relates to recoveries on straight-line rent receivable balances deemed not probable of collection in previous periods.
(3)
Adjustments for the three months ended December 31, 2020 for amounts where annualization would not be appropriate are comprised of certain recoveries related to prior period amounts (rent deemed not probable of collection, abatements, property costs and tax expenses) and certain general and administrative expenses. For the same period in 2019, adjustments are composed of certain other income,
write-off
of intangibles and other compensation-related adjustments where annualization would not be appropriate.
(4)
Adjusted Debt / Annualized Adjusted EBITDA
re
would be 5.0x if the 4.1 million shares under open forward sales agreements had been settled as of December 31, 2020.
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Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to financial market risks, including interest rate risk. Interest rates and other factors, such as occupancy, rental rates and the financial condition of our tenants, influence our performance more so than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. As described above, we generally offer leases that provide for payments of base rent with scheduled increases and, to a lesser extent, contingent rent based on a percentage of the tenant’s gross sales to help mitigate the effect of inflation. Because the properties in our portfolio are generally leased to tenants under
triple-net
leases, our exposure to rising property operating costs due to inflation is mitigated.
Interest rates are highly sensitive to many factors, including governmental monetary policies and domestic and global economic and political conditions, which are beyond our control. Our operating results depend heavily on the difference between the revenue from our assets and the interest expense incurred on our borrowings. We may incur additional variable rate debt in the future, including amounts that we may borrow under our 2019 Credit Facility. In addition, decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments, which may lead to a decrease in the yields on real estate we have targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations will be adversely affected. Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to acquire real estate with rental rates high enough to offset the increase in interest rates on our borrowings.
In the event interest rates rise significantly or there is an economic downturn, defaults may increase and result in credit losses, which may adversely affect our liquidity and operating results. In a decreasing interest rate environment, borrowers are generally more likely to prepay their loans in order to obtain financing at lower interest rates. However, the vast majority of our mortgage notes payable have prepayment clauses that make refinancing during a decreasing interest rate environment uneconomical.
As of December 31, 2020, our assets were primarily long-term, fixed-rate leases (though most have scheduled rental increases during the terms of the leases). As of December 31, 2020, $2.4 billion of our indebtedness outstanding was fixed-rate, consisting of our Senior Unsecured Notes, mortgages and notes payable and Convertible Notes, with a weighted average stated interest rate of 3.79%, excluding amortization of deferred financing costs and debt discounts/premiums. As of December 31, 2020, $178.0 million of our indebtedness was variable-rate, consisting of our 2020 Term Loans with a stated interest rate of 1.65%. There were no borrowings outstanding under our 2019 Credit Facility at December 31, 2020. If
one-month
LIBOR as of December 31, 2020 increased by 12.5 basis points, or 0.125%, the resulting increase in annual interest expense with respect to the $178.0 million outstanding under the variable-rate obligations would impact our future earnings and cash flows by $0.2 million.
The estimated fair values of our debt instruments have been derived based on market quotes for comparable instruments or discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates and credit spreads. The debt instrument balances as of December 31, 2020 are as follows (in thousands):
Carrying
Value
Estimated
Fair Value
2019 Credit Facility
$
—
$
—
2020 Term Loans, net
(1)
177,309
177,884
Senior Unsecured Notes, net
(1)
1,927,348
2,122,409
Mortgages and notes payable, net
(1)
212,582
226,240
Convertible Notes, net
(1)
189,102
194,124
(1)
The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.
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Item 8.
Financial Statements and Supplementary Data
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Financial Statements and Supplemental Data
54
61
Consolidated Statements of Operations of Spirit Realty Capital, Inc. for the Years Ended December 31, 2020, 2019 and 2018 62
Consolidated Statements of Comprehensive Income of Spirit Realty Capital, Inc. for the Years Ended December 31, 2020, 2019 and 2018 63
Consolidated Statements of Stockholders’ Equity of Spirit Realty Capital, Inc. for the Years Ended December 31, 2020, 2019 and 2018 64
Consolidated Statements of Cash Flows of Spirit Realty Capital, Inc. for the Years Ended December 31, 2020, 2019 and 2018 65
67
Consolidated Statements of Operations of Spirit Realty, L.P. for the Years Ended December 31, 2020, 2019 and 2018 68
Consolidated Statements of Comprehensive Income of Spirit Realty, L.P. for the Years Ended December 31, 2020, 2019 and 2018 70
Consolidated Statements of Partners’ Capital of Spirit Realty, L.P. for the Years Ended December 31, 2020, 2019 and 2018 71
Consolidated Statements of Cash Flows of Spirit Realty, L.P. for the Years Ended December 31, 2020, 2019 and 2018 72
74
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Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of
Spirit Realty Capital, Inc.
Opinion on Internal Control over Financial Reporting
We have audited Spirit Realty Capital, Inc.’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Spirit Realty Capital, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2020 consolidated financial statements of the Company and our report dated February 19, 2021 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Dallas, Texas
February 19, 2021
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Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of
Spirit Realty Capital, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Spirit Realty Capital, Inc. (the Company) as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2020, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 19, 2021 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
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Evaluation of Impairment on Real Estate Investments Held and Used
Description of the Matter
At December 31, 2020, the Company’s real estate investments (land, building, and improvements) held and used totaled $5.5 billion. As discussed in Note 2 to the consolidated financial statements, the Company reviews its real estate investments held and used periodically for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers factors such as expected future undiscounted cash flows, estimated residual value, and market trends (such as the effects of leasing demand and competition) in assessing recoverability of these investments. Key assumptions used in estimating future cash flows and fair values include recently quoted bid or ask prices, market prices of comparable investments, contractual and comparable market rents, leasing assumptions, capitalization rates, and expectations for the use of the asset. A real estate investment held and used is considered impaired if its carrying value exceeds its estimated undiscounted cash flows, and the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value.
Auditing management’s evaluation of impairment on real estate investments held and used is judgmental due to the estimation required in determining undiscounted cash flows that can be generated from the investment and determining estimated fair value when the investment is not deemed recoverable from those estimated future cash flows. In particular, the impairment evaluation is sensitive to the investment’s estimated residual value that is derived from the key assumptions stated above, which can be affected by expectations about future market or economic conditions, demand, and competition.
How We Addressed
the Matter in Our
Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s impairment evaluation process. This included controls over management’s review of the key assumptions underlying the undiscounted cash flows and the fair value determination. To test the Company’s evaluation of impairment of real estate investments, we performed audit procedures that included, among others, testing the key assumptions used by management in its recoverability analysis and in determining the fair value of investments that were impaired. We compared the key assumptions to observable market transaction information published by independent industry research sources to assess whether the assumptions were market supported. We involved a valuation specialist to assist in evaluating the key assumptions listed above. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of key assumptions to evaluate the changes in the valuation of certain properties that would result from changes in the assumptions or using alternative valuation techniques.
In addition, we performed procedures to evaluate the completeness and accuracy of the data utilized in management’s impairment analysis. We also assessed information and events subsequent to the balance sheet date, if any, to corroborate certain of the key assumptions used by management.
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Collectability of Lease Payments
Description of the Matter
The Company recorded $479.9 million in rental income for the year ended December 31, 2020. As discussed in Note 2 to the consolidated financial statements, the Company evaluates the collectability of lease payments on a regular basis. The Company considers certain key factors in assessing collectability, including: tenant’s payment history and financial condition, business conditions in the industry in which the tenant operates, economic conditions of the geographic location in which the tenant operates, as well as other relevant tenant specific circumstances.
Auditing management’s evaluation of collectability of lease payments requires judgement as the assessment is based on tenant specific circumstances and expectations of future economic and market conditions. In particular, the longer-term nature of repayments of
COVID-19
induced deferrals, the absence of cash receipts during the deferral period, and the current market environment requires the judgement of management in evaluating the collectability of billed and unbilled tenant receivables. Given the tenant specific nature of this evaluation and the uncertainty associated with future economic and market conditions, the related reserves against revenue are sensitive to the economic and geographic considerations of individual tenants described above and management’s judgment in evaluating the collectability conclusion.
How We Addressed
the Matter in Our
Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s lease payment collectability process. To test the Company’s assessment of collectability, our audit procedures included, among others, evaluating tenant specific financial information, current and historical tenant payment collection, and changes in the collectability conclusions made during the year.
In addition, we tested the completeness and accuracy of the data used in management’s collectability analysis. We also assessed information and events subsequent to the balance sheet date, if any, to corroborate certain of the key assumptions used by management.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2003.
Dallas, Texas
February 19, 2021
57
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Report of Independent Registered Public Accounting Firm
To the Partners of Spirit Realty, L.P. and the Board of Directors of
Spirit Realty Capital, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Spirit Realty, L.P. (the Operating Partnership) as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income, partners’ capital and cash flows for each of the three years in the period ended December 31, 2020, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on the Operating Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Operating Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Operating Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
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Evaluation of Impairment on Real Estate Investments Held and Used
Description of the Matter
At December 31, 2020, the Operating Partnership’s real estate investments (land, building, and improvements) held and used totaled $5.5 billion. As discussed in Note 2 to the consolidated financial statements, the Operating Partnership reviews its real estate investments held and used periodically for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Operating Partnership considers factors such as expected future undiscounted cash flows, estimated residual value, and market trends (such as the effects of leasing demand and competition) in assessing recoverability of these investments. Key assumptions used in estimating future cash flows and fair values include recently quoted bid or ask prices, market prices of comparable investments, contractual and comparable market rents, leasing assumptions, capitalization rates, and expectations for the use of the asset. A real estate investment held and used is considered impaired if its carrying value exceeds its estimated undiscounted cash flows, and the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value.
Auditing management’s evaluation of impairment on real estate investments held and used is judgmental due to the estimation required in determining undiscounted cash flows that can be generated from the investment and determining estimated fair value when the investment is not deemed recoverable from those estimated future cash flows. In particular, the impairment evaluation is sensitive to the investment’s estimated residual value that is derived from the key assumptions stated above, which can be affected by expectations about future market or economic conditions, demand, and competition.
How We Addressed
the Matter in Our
Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Operating Partnership’s impairment evaluation process. This included controls over management’s review of the key assumptions underlying the undiscounted cash flows and the fair value determination. To test the Operating Partnership’s evaluation of impairment of real estate investments, we performed audit procedures that included, among others, testing the key assumptions used by management in its recoverability analysis and in determining the fair value of investments that were impaired. We compared the key assumptions to observable market transaction information published by independent industry research sources to assess whether the assumptions were market supported. We involved a valuation specialist to assist in evaluating the key assumptions listed above. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of key assumptions to evaluate the changes in the valuation of certain properties that would result from changes in the assumptions or using alternative valuation techniques.
In addition, we performed procedures to evaluate the completeness and accuracy of the data utilized in management’s impairment analysis. We also assessed information and events subsequent to the balance sheet date, if any, to corroborate certain of the key assumptions used by management.
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Table of Contents
Collectability of Lease Payments
Description of the Matter
The Operating Partnership recorded $479.9 million in rental income for the year ended December 31, 2020. As discussed in Note 2 to the consolidated financial statements, the Operating Partnership evaluates the collectability of lease payments on a regular basis. The Operating Partnership considers certain key factors in assessing collectability, including: tenant’s payment history and financial condition, business conditions in the industry in which the tenant operates, economic conditions of the geographic location in which the tenant operates, as well as other relevant tenant specific circumstances.
Auditing management’s evaluation of collectability of lease payments requires judgement as the assessment is based on tenant specific circumstances and expectations of future economic and market conditions. In particular, the longer-term nature of repayments of
COVID-19
induced deferrals, the absence of cash receipts during the deferral period, and the current market environment requires the judgement of management in evaluating the collectability of billed and unbilled tenant receivables. Given the tenant specific nature of this evaluation and the uncertainty associated with future economic and market conditions, the related reserves against revenue are sensitive to the economic and geographic considerations of individual tenants described above and management’s judgment in evaluating the collectability conclusion.
How We Addressed
the Matter in Our
Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Operating Partnership’s lease payment collectability process. To test the Operating Partnership’s assessment of collectability, our audit procedures included, among others, evaluating tenant specific financial information, current and historical tenant payment collection, and changes in the collectability conclusions made during the year.
In addition, we tested the completeness and accuracy of the data used in management’s collectability analysis. We also assessed information and events subsequent to the balance sheet date, if any, to corroborate certain of the key assumptions used by management.
/s/ Ernst & Young LLP
We have served as the Operating Partnership’s auditor since 2016.
Dallas, Texas
February 19, 2021
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SPIRIT REALTY CAPITAL, INC.
Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Data)
December 31,

2020
December 31,

2019
Assets
Investments:
Real estate investments:
Land and improvements
$ 2,090,592 $ 1,910,287
Buildings and improvements
4,302,004 3,840,220
Total real estate investments
6,392,596 5,750,507
Less: accumulated depreciation
( 850,320 )
( 717,097 )
5,542,276 5,033,410
Loans receivable, net
— 34,465
Intangible lease assets, net
367,989 385,079
Real estate assets under direct financing leases, net
7,444 14,465
Real estate assets held for sale, net
25,821 1,144
Net investments
5,943,530 5,468,563
Cash and cash equivalents
70,303 14,492
Deferred costs and other assets, net
157,353 124,006
Goodwill
225,600 225,600
Total assets
$ 6,396,786 $ 5,832,661
Liabilities and stockholders’ equity
Liabilities:
Revolving credit facilities
$ — $ 116,500
Term loans, net
177,309 —
Senior Unsecured Notes, net
1,927,348 1,484,066
Mortgages and notes payable, net
212,582 216,049
Convertible Notes, net
189,102 336,402
Total debt, net
2,506,341 2,153,017
Intangible lease liabilities, net
121,902 127,335
Accounts payable, accrued expenses and other liabilities
167,423 139,060
Total liabilities
2,795,666 2,419,412
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $ 0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both December 31, 2020 and December 31, 2019, liquidation preference of $ 25.00 per share
166,177 166,177
Common stock, $ 0.05 par value, 175,000,000 shares authorized: 114,812,615 and 102,476,152 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively
5,741 5,124
Capital in excess of common stock par value
6,126,503 5,686,247
Accumulated deficit
( 2,688,647 ) ( 2,432,838 )
Accumulated other comprehensive loss
( 8,654 ) ( 11,461 )
Total stockholders’ equity
3,601,120 3,413,249
Total liabilities and stockholders’ equity
$ 6,396,786 $ 5,832,661
See accompanying notes.
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SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Data)
For the Year Ended December 31,
2020
2019
2018
Revenues:
Rental income
$ 479,901 $ 438,691 $ 402,321
Interest income on loans receivable
998 3,240 3,447
Earned income from direct financing leases
571 1,239 1,814
Related party fee income
678 69,218 15,838
Other income
1,469 4,039 21,705
Total revenues
483,617 516,427 445,125
Expenses:
General and administrative
48,380 52,424 52,993
Termination of interest rate swaps
— 12,461 —
Property costs (including reimbursable)
24,492 18,637 21,066
Deal pursuit costs
2,432 844
210
Interest
104,165 101,060 97,548
Depreciation and amortization
212,620 175,465 162,452
Impairments
81,476 24,091 6,725
Total expenses
473,565 384,982 340,994
Other income:
(Loss) gain on debt extinguishment
( 7,227 ) ( 14,330 ) 27,092
Gain on disposition of assets
24,156 58,850 14,629
Preferred dividend income from SMTA
— 10,802 8,750
Other expense
— — ( 5,319 )
Total other income
16,929 55,322 45,152
Income from continuing operations before income tax expense
26,981 186,767 149,283
Income tax expense
( 273 ) ( 11,501 ) ( 792 )
Income from continuing operations
26,708 175,266 148,491
Loss from discontinued operations
— —
( 16,439 )
Net Income
26,708 175,266 132,052
Dividends paid to preferred stockholders
( 10,350 ) ( 10,350 ) ( 10,352 )
Net income attributable to common stockholders
$ 16,358 $ 164,916 $ 121,700
Net income per share attributable to common stockholders - basic:
Continuing operations
$ 0.15 $ 1.81 $ 1.59
Discontinued operations
— — ( 0.19 )
Net income per share attributable to common stockholders - basic
$ 0.15 $ 1.81 $ 1.40
Net income per share attributable to common stockholders - diluted:
Continuing operations
$ 0.15 $ 1.81 $ 1.58
Discontinued operations
— — ( 0.19 )
Net income per share attributable to common stockholders - diluted
$ 0.15 $ 1.81 $ 1.39
Weighted average shares of common stock outstanding:
Basic
104,357,660 90,621,808 86,321,268
Diluted
104,535,384 90,869,312 86,476,449
See accompanying notes.
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SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Comprehensive Income
(In Thousands)
For the Year Ended December 31,
2020
2019
2018
Net income attributable to common stockholders
$ 16,358 $ 164,916 $ 121,700
Other comprehensive income (loss):
Net reclassification of amounts from (to) AOCL
2,807 ( 4,302 ) ( 7,159 )
Total comprehensive income
$ 19,165 $ 160,614 $ 114,541
See accompanying notes.
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SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Stockholders’ Equity
(In Thousands, Except Share Data)
Preferred Stock
Common Stock
Shares
Par

Value and
Capital in
Excess of

Par Value
Shares
Par
Value
Capital in

Excess of

Par Value
Accumulated

Deficit
AOCL
Total

Stockholders’

Equity
Balances, December 31, 2017
6,900,000
$
166,193
89,774,135
$
4,489
$
5,193,631
$
( 2,044,704
)
$
—
$
3,319,609
Net income
—
—
—
—
—
132,052
—
132,052
Dividends declared on preferred stock
—
—
—
—
—
( 10,352
)
—
( 10,352
)
Net income available to common stockholders
—
—
—
—
—
121,700
—
121,700
Other comprehensive loss
—
—
—
—
—
—
( 7,159
)
( 7,159
)
Cost associated with preferred stock
—
( 16
)
—
—
—
—
—
( 16
)
Dividends declared on common stock
—
—
—
—
—
( 262,887
)
—
( 262,887
)
Tax withholdings related to net stock settlements
—
—
( 57,679
)
( 3
)
—
( 2,400
)
—
( 2,403
)
Issuance of shares of common stock, net
—
—
92,458
5
2,967
—
—
2,972
Repurchase of common shares
—
—
( 4,244,446
)
( 212
)
—
( 167,953
)
—
( 168,165
)
SMTA dividend distribution
—
—
—
—
( 216,005
)
—
—
( 216,005
)
Stock-based compensation, net
—
—
222,887
10
15,104
( 1,011
)
—
14,103
Balances, December 31, 2018
6,900,000
$
166,177
85,787,355
$
4,289
$
4,995,697
$
( 2,357,255
)
$
( 7,159
)
$
2,801,749
Net income
—
—
—
—
—
175,266
—
175,266
Dividends declared on preferred
stock
—
—
—
—
—
( 10,350
)
—
( 10,350
)
Net income available to common
stockholders
—
—
—
—
—
164,916
—
164,916
Other comprehensive loss
—
—
—
—
—
—
( 4,302
)
( 4,302
)
Dividends declared on common stock
—
—
—
—
—
( 236,943
)
—
( 236,943
)
Tax withholdings related to net stock settlements
—
—
( 58,445
)
( 3
)
—
( 2,539
)
—
( 2,542
)
Issuance of shares of common stock, net
—
—
16,578,423
829
676,361
—
—
677,190
Stock-based compensation, net
—
—
168,819
9
14,268
( 1,017
)
—
13,260
Other
—
—
—
—
( 79
)
—
—
( 79
)
Balances, December 31, 2019
6,900,000
$
166,177
102,476,152
$
5,124
$
5,686,247
$
( 2,432,838
)
$
( 11,461
)
$
3,413,249
Net income
—
—
—
—
—
26,708
—
26,708
Dividends declared on preferred stock
—
—
—
—
—
( 10,350
)
—
( 10,350
)
Net income available to common stockholders
—
—
—
—
—
16,358
—
16,358
Other comprehensive income
—
—
—
—
—
—
2,807
2,807
Dividends declared on common stock
—
—
—
—
—
( 266,659
)
—
( 266,659
)
Tax withholdings related to net stock settlements
—
—
( 117,543
)
( 6
)
—
( 4,375
)
—
( 4,381
)
Issuance of shares of common stock, net
—
—
12,137,210
607
427,632
—
—
428,239
Stock-based compensation, net
—
—
316,796
16
12,624
( 1,133
)
—
11,507
Balances, December 31, 2020
6,900,000
$
166,177
114,812,615
$
5,741
$
6,126,503
$
( 2,688,647
)
$
( 8,654
)
$
3,601,120
See accompanying notes.
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SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Cash Flows
(In Thousands)
For the Year Ended December 31,
2020
2019
2018
Operating activities
Net income
$
26,708
$
175,266
$
132,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
212,620
175,465
197,913
Impairments
81,476
24,091
17,668
Amortization of deferred financing costs
5,278
6,289
9,306
Amortization of debt discounts
4,343
7,028
13,560
Amortization of deferred losses on interest rate swaps
2,807
858
—
Loss on termination of interest rate swaps
—
12,461
—
Payment for termination of interest rate swaps
—
( 24,843
)
—
Stock-based compensation expense
12,640
14,277
15,114
Loss (gain) on debt extinguishment
7,227
14,330
( 26,729
)
Gain on dispositions of real estate and other assets
( 24,156
)
( 58,850
)
( 14,355
)
Non-cash
revenue
( 12,996
)
( 19,943
)
( 18,878
)
Bad debt expense and other
221
189
2,313
Changes in operating assets and liabilities:
Deferred costs and other assets, net
( 21,296
)
2,953
( 1,396
)
Accounts payable, accrued expenses and other liabilities
19,440
9,482
9,797
Net cash provided by operating activities
314,312
339,053
336,365
Investing activities
Acquisitions of real estate
( 867,456
)
( 1,295,545
)
( 257,712
)
Capitalized real estate expenditures
( 12,659
)
( 47,652
)
( 52,390
)
Investments in loans receivable
—
—
( 35,450
)
Proceeds from redemption of preferred equity investment
—
150,000
—
Collections from investment in Master Trust 2014
—
33,535
—
Collections of principal on loans receivable
31,771
11,037
30,427
Proceeds from dispositions of real estate and other assets, net
100,594
253,626
94,663
Net cash used in investing activities
( 747,750
)
( 894,999
)
( 220,462
)
Financing activities
Borrowings under revolving credit facilities
1,155,000
1,047,200
826,000
Repayments under revolving credit facilities
( 1,271,500
)
( 1,077,000
)
( 791,700
)
Borrowings under mortgages and notes payable
—
—
104,247
Repayments under mortgages and notes
payable
( 4,101
)
( 242,049
)
( 170,519
)
Borrowings under term loans
400,000
820,000
420,000
Repayments under term loans
( 222,000
)
( 1,240,000
)
—
Repayments under Convertible Notes
( 154,574
)
( 402,500
)
—
Borrowings under Senior Unsecured
Notes
445,509
1,198,264
—
Debt extinguishment costs
( 4,032
)
( 15,277
)
( 2,968
)
Deferred financing costs
( 6,642
)
( 22,105
)
( 1,981
)
Cash, cash equivalents and restricted cash held by SMTA at
Spin-Off
—
—
( 73,081
)
Sale of SubREIT preferred shares
—
—
5,000
Proceeds from issuance of common stock, net of offering costs
428,272
677,428
2,972
Proceeds from issuance of preferred stock, net of offering costs
—
—
( 16
)
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SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Cash Flows - (continued)
(In Thousands)
For the Year Ended December 31,
2020
2019
2018
Repurchase of shares of common stock, including tax withholdings related to net stock settlements
( 4,381
)
( 2,541
)
( 170,568
)
Common stock dividends paid
( 260,488
)
( 226,522
)
( 290,223
)
Preferred stock dividends paid
( 10,350
)
( 10,350
)
( 10,352
)
Net cash provided by (used in) financing activities
490,713
504,548
( 153,189
)
Net increase (decrease) in cash, cash equivalents and restricted cash
57,275
( 51,398
)
( 37,286
)
Cash, cash equivalents and restricted cash, beginning of period
26,023
77,421
114,707
Cash, cash equivalents and restricted cash, end of period
$
83,298
$
26,023
$
77,421
The following table presents the supplemental cash flow disclosures (in thousands):
Supplemental Disclosures of
Non-Cash
Activities:
For the Year Ended December 31,
2020
2019
2018
Distributions declared and unpaid
$
71,758
$
64,049
$
53,617
Relief of debt through sale or foreclosure of real estate properties
—
10,368
56,119
Net real estate and other collateral assets sold or surrendered to lender
—
654
28,271
Accrued interest capitalized to principal
(1)
—
251
1,967
Accrued market-based award dividend rights
1,133
1,017
1,011
Accrued capitalized costs
2,174
2,230
695
Financing provided in connection with disposition of assets
—
—
2,888
Right-of-use
lease assets
—
6,143
—
Lease liabilities
—
6,143
—
Reclass of residual value from direct financing lease to operating lease
6,831
5,841
4,455
Investment in preferred shares
—
—
150,000
Non-cash
distribution to SMTA, net
—
—
142,924
Cash flow hedge changes in fair value
—
18,593
7,159
Receivable for disposal of real estate property
2,000
—
—
Supplemental Cash Flow Disclosures:
Cash paid for interest
$
82,916
$
73,530
$
118,329
Cash paid for taxes
801
11,826
1,099
(1)
Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.
See accompanying notes.
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SPIRIT REALTY, L.P.
Consolidated Balance Sheets
(In Thousands, Except Unit and Per Unit Data)
December 31,

2020
December 31,

2019
Assets
Investments:
Real estate investments:
Land and improvements
$ 2,090,592 $ 1,910,287
Buildings and improvements
4,302,004 3,840,220
Total real estate investments
6,392,596 5,750,507
Less: accumulated depreciation
( 850,320 ) ( 717,097 )
5,542,276 5,033,410
Loans receivable, net
— 34,465
Intangible lease assets, net
367,989 385,079
Real estate assets under direct financing leases, net
7,444 14,465
Real estate assets held for sale, net
25,821 1,144
Net investments
5,943,530 5,468,563
Cash and cash equivalents
70,303 14,492
Deferred costs and other assets, net
157,353 124,006
Goodwill
225,600 225,600
Total assets
$ 6,396,786 $ 5,832,661
Liabilities and partners’ capital
Liabilities:
Revolving credit facilities
$ — $ 116,500
Term loans, net
177,309 —
Senior Unsecured Notes, net
1,927,348 1,484,066
Mortgages and notes payable, net
212,582 216,049
Notes Payable to Spirit Realty Capital, Inc., net
189,102 336,402
Total debt, net
2,506,341 2,153,017
Intangible lease liabilities, net
121,902 127,335
Accounts payable, accrued expenses and other liabilities
167,423 139,060
Total liabilities
2,795,666 2,419,412
Commitments and contingencies (see Note 6)
Partners’ Capital
General partner’s common capital, 797,644 units issued and outstanding as of both December 31, 2020 and December 31, 2019
20,505 22,389
Limited partners’ preferred capital: 6,900,000 units issued and outstanding as of December 31, 2020 and December 31, 2019, respectively
166,177 166,177
Limited partners’ common capital: 114,014,971 and 101,678,508 units issued and outstanding as of December 31, 2020 and December 31, 2019, respectively
3,414,438 3,224,683
Total partners’ capital
3,601,120 3,413,249
Total liabilities and partners’ capital
$ 6,396,786 $ 5,832,661
See accompanying notes.
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SPIRIT REALTY, L.P.
Consolidated Statements of Operations
(In Thousands, Except Unit and Per Unit Data)
Year Ended December 31,
2020
2019
2018
Revenues:
Rental income
$
479,901
$
438,691
$
402,321
Interest income on loans receivable
998
3,240
3,447
Earned income from direct financing leases
571
1,239
1,814
Related party fee income
678
69,218
15,838
Other income
1,469
4,039
21,705
Total revenues
483,617
516,427
445,125
Expenses:
General and administrative
48,380
52,424
52,993
Termination of interest rate swaps
—
12,461
—
Property costs (including reimbursable)
24,492
18,637
21,066
Deal pursuit costs
2,432
844
210
Interest
104,165
101,060
97,548
Depreciation and amortization
212,620
175,465
162,452
Impairments
81,476
24,091
6,725
Total expenses
473,565
384,982
340,994
Other income:
(Loss) gain on debt extinguishment
( 7,227 )
( 14,330 )
27,092
Gain on disposition of assets
24,156
58,850
14,629
Preferred dividend income from SMTA
—
10,802
8,750
Other expense
—
—
( 5,319 )
Total other income
16,929
55,322
45,152
Income from continuing operations before income tax expense
26,981
186,767
149,283
Income tax expense
( 273 )
( 11,501 )
( 792 )
Income from continuing operations
26,708
175,266
148,491
Loss from discontinued operations
—
—
( 16,439 )
Net income
26,708
175,266
132,052
Preferred distributions
( 10,350 )
( 10,350 )
( 10,352 )
Net income after preferred distributions
$
16,358
$
164,916
$
121,700
Net income attributable to the general partner:
Continuing operations
$
125
$
1,450
$
1,270
Discontinued operations
—
—
( 151 )
Net income attributable to the general partner
$
125
$
1,450
$
1,119
Net income attributable to the limited partners:
Continuing operations
$
26,583
$
173,816
$
147,221
Discontinued operations
—
—
( 16,288 )
Net income attributable to the limited partners
$
26,583
$
173,816
$
130,933
See accompanying notes.
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SPIRIT REALTY, L.P.
Consolidated Statements of Operations
(In Thousands, Except Unit and Per Unit Data)
Year Ended December 31,
2020
2019
2018
Net income per partnership unit - basic:
Continuing operations
$
0.15
$
1.81
$
1.59
Discontinued operations
—
—
( 0.19
)
Net income per partnership unit - basic
$
0.15
$
1.81
$
1.40
Net income per partnership unit - diluted:
Continuing operations
$
0.15
$
1.81
$
1.58
Discontinued operations
—
—
( 0.19
)
Net income per partnership unit - diluted
$
0.15
$
1.81
$
1.39
Weighted average partnership units outstanding:
Basic
104,357,660
90,621,808
86,321,268
Diluted
104,535,384
90,869,312
86,476,449
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SPIRIT REALTY, L.P.
Consolidated Statements of Comprehensive Income
(In Thousands)
For the Year Ended December 31,
2020
2019
2018
Net income after preferred distributions
$
16,358
$
164,916
$
121,700
Other comprehensive income (loss):
Net reclassification of amounts from (to) AOCL
2,807
( 4,302
)
( 7,159 )
Total comprehensive income
$
19,165
$
160,614
$
114,541
See accompanying notes.
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SPIRIT REALTY, L.P.
Consolidated Statements of Partners’ Capital
(In Thousands, Except Unit Data)
Preferred Units
Common Units
Total
Limited Partners’ Capital
(2)
General Partner’s Capital
(1)
Limited Partners’ Capital
(2)
Partnership
Units
Amount
Units
Amount
Units
Amount
Capital
Balances, December 31, 2017
6,900,000 $ 166,193 797,644 $ 24,426 88,976,491 $ 3,128,990 $ 3,319,609
Net income
— — — 1,119 — 130,933 132,052
Partnership distributions declared on preferred units
— — — — — ( 10,352 ) ( 10,352 )
Net income after preferred distributions
— 1,119 120,581 121,700
Other comprehensive loss
— — — ( 66 ) — ( 7,093 ) ( 7,159 )
Partnership distributions declared on common units
— — — ( 2,418 ) — ( 260,469 ) ( 262,887 )
Tax withholdings related to net settlement of common units
— — — — ( 57,679 ) ( 2,403 ) ( 2,403 )
Issuance of common units, net
— ( 16 ) — — 92,458 2,972 2,956
Repurchase of common units
— — — — ( 4,244,446 ) ( 168,165 ) ( 168,165 )
SMTA dividend distribution
— — — — — ( 216,005 ) ( 216,005 )
Stock-based compensation, net
— — — — 222,887 14,103 14,103
Balances, December 31, 2018
6,900,000 $ 166,177 797,644 $ 23,061 84,989,711 $ 2,612,511 $ 2,801,749
Net income
— — — 1,450 — 173,816 175,266
Partnership distributions declared on preferred units
— — — — — ( 10,350 ) ( 10,350 )
Net income after preferred distributions
— 1,450 163,466 164,916
Other comprehensive loss
— — — ( 38 ) — ( 4,264 ) ( 4,302 )
Partnership distributions declared on common units
— — — ( 2,083 ) — ( 234,860 ) ( 236,943 )
Tax withholdings related to net settlement of common units
— — — — ( 58,445 ) ( 2,542 ) ( 2,542 )
Issuance of common units, net
— — — — 16,578,423 677,190 677,190
Stock-based compensation, net
— — — — 168,819 13,260 13,260
Other
— — — ( 1 ) — ( 78 ) ( 79 )
Balances, December 31, 2019
6,900,000 $ 166,177 797,644 $ 22,389 101,678,508 $ 3,224,683 $ 3,413,249
Net income
— — — 125 — 26,583 26,708
Partnership distributions declared on preferred units
— — — — — ( 10,350 ) ( 10,350 )
Net income after preferred distributions
— 125 16,233 16,358
Other comprehensive income
— — — 21 — 2,786 2,807
Partnership distributions declared on common units
— — — ( 2,030 ) — ( 264,629 ) ( 266,659 )
Tax withholdings related to net settlement of common units
— — — — ( 117,543 ) ( 4,381 ) ( 4,381 )
Issuance of common units, net
— — — — 12,137,210 428,239 428,239
Stock-based compensation, net
— — — — 316,796 11,507 11,507
Balances, December 31, 2020
6,900,000 $ 166,177 797,644 $ 20,505 114,014,971 $ 3,414,438 $ 3,601,120
(1)
Consists of general partnership interests held by Spirit General OP Holdings, LLC.
(2)
Consists of limited partnership interests held by Spirit Realty Capital, Inc. and Spirit Notes Partner, LLC.
See accompanying notes.
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SPIRIT REALTY, L.P.
Consolidated Statements of Cash Flows
(In Thousands)
For the Year Ended December 31,
2020
2019
2018
Operating activities
Net income
$
26,708
$
175,266
$
132,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
212,620
175,465
197,913
Impairments
81,476
24,091
17,668
Amortization of deferred financing costs
5,278
6,289
9,306
Amortization of debt discounts
4,343
7,028
13,560
Amortization of deferred losses on interest rate swaps
2,807
858
—
Loss on termination of interest rate swaps
—
12,461
—
Payment for termination of interest rate swaps
—
( 24,843
)
—
Stock-based compensation expense
12,640
14,277
15,114
Loss (gain) on debt extinguishment
7,227
14,330
( 26,729
)
Gain on dispositions of real estate and other assets
( 24,156
)
( 58,850
)
( 14,355
)
Non-cash
revenue
( 12,996
)
( 19,943
)
( 18,878
)
Bad debt expense and other
221
189
2,313
Changes in operating assets and liabilities:
Deferred costs and other assets, net
( 21,296
)
2,953
( 1,396
)
Accounts payable, accrued expenses and other liabilities
19,440
9,482
9,797
Net cash provided by operating activities
314,312
339,053
336,365
Investing activities
Acquisitions of real estate
( 867,456
)
( 1,295,545
)
( 257,712
)
Capitalized real estate expenditures
( 12,659
)
( 47,652
)
( 52,390
)
Investments in loans receivable
—
—
( 35,450
)
Proceeds from redemption of preferred equity investment
—
150,000
—
Collections from investment in Master Trust 2014
—
33,535
—
Collections of principal on loans receivable
31,771
11,037
30,427
Proceeds from dispositions of real estate and other assets, net
100,594
253,626
94,663
Net cash used in investing activities
( 747,750
)
( 894,999
)
( 220,462
)
Financing activities
Borrowings under revolving credit facilities
1,155,000
1,047,200
826,000
Repayments under revolving credit facilities
( 1,271,500
)
( 1,077,000
)
( 791,700
)
Borrowings under mortgages and notes payable
—
—
104,247
Repayments under mortgages and notes payable
( 4,101
)
( 242,049
)
( 170,519
)
Borrowings under term loans
400,000
820,000
420,000
Repayments under term loans
( 222,000
)
( 1,240,000
)
—
Repayments under Convertible Notes
( 154,574
)
( 402,500
)
—
Borrowings under Senior Unsecured Notes
445,509
1,198,264
—
Debt extinguishment costs
( 4,032
)
( 15,277
)
( 2,968
)
Deferred financing costs
( 6,642
)
( 22,105
)
( 1,981
)
Cash, cash equivalents and restricted cash held by SMTA at
Spin-Off
—
—
( 73,081
)
Sale of SubREIT preferred shares
—
—
5,000
Proceeds from issuance of common stock, net of offering costs
428,272
677,428
2,972
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SPIRIT REALTY, L.P.
Consolidated Statements of Cash Flows - (continued)
(In Thousands)
For the Year Ended December 31,
2020
2019
2018
Proceeds from issuance of preferred stock, net of offering costs
—
—
( 16
)
Repurchase of shares of common stock, including tax withholdings related to net stock settlements
( 4,381
)
( 2,541
)
( 170,568
)
Common distributions paid
( 260,488
)
( 226,522
)
( 290,223
)
Preferred distributions paid
( 10,350
)
( 10,350
)
( 10,352
)
Net cash provided by (used in) financing activities
490,713
504,548
( 153,189
)
Net increase (decrease) in cash, cash equivalents and restricted cash
57,275
( 51,398
)
( 37,286
)
Cash, cash equivalents and restricted cash, beginning of period
26,023
77,421
114,707
Cash, cash equivalents and restricted cash, end of period
$
83,298
$
26,023
$
77,421
The following table presents the supplemental cash flow disclosures (in thousands):
Supplemental Disclosures of
Non-Cash
Activities:
For the Year Ended December 31,
2020
2019
2018
Distributions declared and unpaid
$
71,758
$
64,049
$
53,617
Relief of debt through sale or foreclosure of real estate properties
—
10,368
56,119
Net real estate and other collateral assets sold or surrendered to lender
—
654
28,271
Accrued interest capitalized to principal
(1)
—
251
1,967
Accrued market-based award dividend rights
1,133
1,017
1,011
Accrued capitalized costs
2,174
2,230
695
Financing provided in connection with disposition of assets
—
—
2,888
Right-of-use
lease assets
—
6,143
—
Lease liabilities
—
6,143
—
Reclass of residual value from direct financing lease to operating lease
6,831
5,841
4,455
Investment in preferred shares
—
—
150,000
Non-cash
distribution to SMTA, net
—
—
142,924
Cash flow hedge changes in fair value
—
18,593
7,159
Receivable for disposal of real estate property
2,000
—
—
Supplemental Cash Flow Disclosures:
Cash paid for interest
$
82,916
$
73,530
$
118,329
Cash paid for taxes
801
11,826
1,099
(1)
Accrued and overdue interest on certain CMBS notes that have been intentionally placed in default.
See accompanying notes.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements
December 31, 2020
NOTE 1. ORGANIZATION
Organization and Operations
Spirit Realty Capital, Inc. (the “Corporation” or “Spirit” or, with its consolidated subsidiaries, the “Company”) operates as a self-administered and self-managed REIT that seeks to generate and deliver sustainable and attractive returns for stockholders by primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the
United States
that is generally leased on a long-term,
triple-net
basis to tenants operating within retail, industrial, office and other property types. Single tenant, operationally essential real estate generally refers to free-standing, commercial real estate facilities where tenants conduct activities that are essential to the generation of their sales and profits.
The Company’s operations are generally carried out through Spirit Realty, L.P. (the “Operating Partnership”) and its subsidiaries. Spirit General OP Holdings, LLC, one of the Corporation’s wholly-owned subsidiaries, is the sole general partner and owns approximately 1 % of the Operating Partnership. The Corporation and a wholly-owned subsidiary (Spirit Notes Partner, LLC) are the only limited partners and together own the remaining 99 % of the Operating Partnership.
On May 31, 2018, the Company completed the
spin-off
(the
“Spin-Off”)
of the assets that collateralized Master Trust 2014, properties leased to Shopko, and certain other assets into an independent, publicly traded REIT, Spirit MTA REIT (“SMTA”). For periods prior to the
Spin-Off,
the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations. The Company formed Spirit Realty AM Corporation (“SRAM”), a wholly-owned taxable REIT subsidiary. The rights and obligations of the Asset Management Agreement were transferred to SRAM on April 1, 2019, which was subsequently terminated and simultaneously replaced by the Interim Management Agreement between SRAM and SMTA, which was effective from September 20, 2019 through September 4, 2020. The Company allocated personnel and other general and administrative costs to SRAM for management services provided to SMTA.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting and Principles of Consolidation
The accompanying consolidated financial statements of the Company and the Operating Partnership have been prepared on the accrual basis of accounting, in accordance with GAAP. The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
A variable interest entity (“VIE”) would be consolidated by the Company when the Company is the primary beneficiary, which is based on whether the Company has
(i)
the power to direct activities that most significantly impact the economic performance of the VIE and
(ii)
the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Determination of the primary beneficiary of a VIE considers all relationships between the Company and the VIE, including management agreements and other contractual arrangements. The Company evaluated SMTA as a VIE at the time of
Spin-Off
and quarterly thereafter until the third quarter of 2019 and concluded the Company was not the primary beneficiary. In the third quarter of 2019, the Company no longer had variable interests in SMTA and control was evaluated under the voting interest model. The Company concluded SMTA
did
not require consolidation by the Company for any period presented.
All expenses incurred by the Company have been allocated to the Operating Partnership in accordance with the Operating Partnership’s first amended and restated agreement of limited partnership, which management determined to be a reasonable method of allocation. Therefore, expenses incurred would not be materially different if the Operating Partnership had operated as an unaffiliated entity.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
These consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted under their governing documents. As of December 31, 2020 and 2019, net assets totaling $ 343.4 million and $ 375.5 million, respectively, were held, and net liabilities totaling $ 215.9 million and $ 231.7 million, respectively, were owed by these encumbered special purpose entities and are included in the accompanying consolidated balance sheets.
Discontinued Operations
A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. The Company determined that the
Spin-Off
represented a strategic shift that had a major effect on the Company’s results and, therefore, SMTA’s operations
qualified
as discontinued operations. See Note 12 for further discussion of discontinued operations.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Segment Reporting
The Company views its operations as one segment, which consists of net leasing operations. The Company has no other reportable segments.
Real Estate Investments
Purchase Accounting and Acquisition of Real Estate
When acquiring a property, the purchase price (including acquisition and closing costs) is allocated to land, building, improvements and equipment based on their relative fair values. The Company considers several assumptions to estimate the fair value of the components of the tangible property acquired including market assumptions for land, building and improvements. The determination of the intangible assets and liabilities primarily relate to the contractual lease terms, estimates of the fair market rental rates, discount rates, and estimates of costs to carry and obtain a tenant. For properties acquired with
in-place
leases, the purchase price of real estate is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values. In making estimates of fair values for this purpose, a number of sources are used, including independent appraisals and information obtained about each property as a result of
pre-acquisition
due diligence, marketing and leasing activities.
Carrying Value of Real Estate Investments
The Company’s real estate properties are recorded at cost and depreciated using the straight-line method over the estimated remaining useful lives of the properties, which generally range from 20 to 50 years for buildings and improvements and from 5 to 20 years for land improvements. Properties classified as held for sale are not depreciated. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Held for Sale
The Company is continually evaluating the portfolio of real estate assets and may elect to dispose of assets considering criteria including, but not limited to, tenant concentration, tenant credit quality, unit financial performance, local market conditions and lease rates, associated indebtedness, asset location, and tenant operation type
(e.g., industry, sector, or concept/brand). Real
estate assets held for sale are expected to be sold within twelve months.
Lease Intangibles
Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of
in-place
leases and above- or below-market leases. For real estate acquired subject to existing lease agreements,
in-place
lease intangibles are valued based on the Company’s estimate of costs related to acquiring a tenant and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, over the renewal period.
Direct Financing Leases
For real estate property leases classified as direct financing leases, the building portion of the lease is accounted for as a direct financing lease, while the land portion is accounted for as an operating lease when certain criteria are met. For direct financing leases, the Company records an asset which represents the net investment that is determined by using the aggregate of the total amount of future minimum lease payments, the estimated residual value of the leased property and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed annually, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased property. Actual residual values realized could differ from these estimates.
Impairments
The Company reviews its real estate investments and related lease intangibles periodically for indicators of impairment, including, but not limited to: the asset being held for sale, vacant
,
tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, the Company then evaluates if its carrying amount may not be recoverable. The Company considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows.
Impairment is then calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, as the amount by which the carrying value exceeds fair value less costs to sell. Estimating fair values is highly subjective and such estimates could differ materially from actual results. Key assumptions used in estimating fair values include, but are not limited to: signed purchase and sale agreements or letters of intent; recently quoted bid or ask prices, or market prices for comparable properties; estimates of residual values, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate.
Gain or Loss on Disposition of Assets
When real estate properties are disposed of, the related net book value of the properties is removed and a gain or loss on disposition is recognized in our consolidated statements of operations as the difference between the proceeds from the disposition, net of any costs to sell, and the net book value. As leasing is the Company’s primary activity, the
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC
610-20.
The full gain or loss on the disposition of real estate properties is recognized at time of sale provided that the Company (i) has no controlling financial interest in the real estate and (ii) has no continuing interest or obligation with respect to the disposed real estate.
Revenue Recognition
Rental Income: Cash and Straight-line Rent
The Company primarily leases real estate to its tenants under long-term,
triple-net
leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. The majority of our operating leases include one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1 % of the Company’s operating leases at December 31, 2020 include an option to terminate. Walgreen Co. leases are generally for fifty years or more with several five-year termination periods after an initial
non-cancellable
term. Less than 10 % of the Company’s operating leases at December 31, 2020 include an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. The Company does not include options to extend, terminate or purchase in its evaluation for lease classification purposes or for recognizing rental income unless the Company is reasonably certain the tenant will exercise the option.
Another component of lease classification that requires judgment is the residual value of the property at the end of the lease term. For acquisitions, the Company assumes a value that is equal to the tangible value of the property at the date of the assessment. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine fair value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting any damage to the property. To further protect residual value, the Company supplements the tenant insurance policy with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties,
re-lease
properties to new tenants or extend lease terms to protect residual value.
The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed rent escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the initial term of the leases. For leases with contingent rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period and may adjust over a
one-year
period or over multiple-year periods. Because of the volatility and uncertainty with respect to future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases, increases in rental revenue from leases with this type of escalator are recognized when the changes in the rental rates have occurred.
Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the change in the factor on which the contingent lease payment is based actually occurs.
Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Rental Income: Tenant Reimbursement Revenue
Under a
triple-net
lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, which are
non-lease
components. The Company has elected to combine all its
non-lease
components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized as revenue in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the Company’s consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection.
Rental Income: Intangible Amortization
Initial direct costs associated with the origination of a lease are deferred and amortized as an adjustment to rental revenue. Above-market and below-market lease intangibles are amortized as a decrease and increase, respectively, to rental revenue.
In-place
lease intangibles are amortized on a straight-line basis and included in depreciation and amortization expense. All lease intangibles are amortized over the remaining term of the respective leases, which includes the initial term of the lease and may also include the renewal periods if the Company believes it is reasonably certain the tenant will exercise the renewal option. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal option, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes the intangible balance is no longer recoverable, the unamortized portion of any related lease intangible is immediately recognized in impairments in the Company’s consolidated statements of operations.
Other Income: Lease Termination Fees
Lease termination fees are included in other income on the Company’s consolidated statements of operations and are recognized when there is a signed termination agreement and all of the conditions of the agreement have been met. The Company recorded lease termination fees of $ 0.7 million, $ 0.4 million and $ 0.3 million during the years ended December 31, 2020, 2019 and 2018, respectively.
Loans Receivable
Loans receivable consists of mortgage loans, net of premium, and notes receivables. Interest on loans receivable is recognized using the effective interest rate method. In September 2020, all the Company’s first-priority mortgage loans were fully paid off. A loan is placed on
non-accrual
status when the loan has become
60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on
non-accrual
status, interest income is recognized only when received. No loans receivable were on
non-accrual
status as of December 31, 2019. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands):
December 31,

2020
December 31,

2019
December 31,

2018
Cash and cash equivalents
$ 70,303 $ 14,492 $ 14,493
Restricted cash:
Collateral deposits
(1)
335 347 351
Tenant improvements, repairs and leasing commissions
(2)
12,660 10,877 9,093
Master Trust Release
(3)
— — 7,412
1031 Exchange proceeds, net
— — 45,042
Other
(4)
— 307 1,030
Total cash, cash equivalents and restricted cash
$ 83,298 $ 26,023 $ 77,421
(1)
Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses.
(2)
Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.
(3)
Proceeds from the sale of assets pledged as collateral under either Master Trust 2013 or Master Trust 2014, which were held on deposit until a qualifying substitution was made or the funds were applied as prepayment of principal. The Master Trust 2014 notes were included in the
Spin-Off
to SMTA. The Master Trust 2013 notes were extinguished in June 2019.
(4)
Funds held in lender-controlled accounts released after scheduled debt service requirements are met.
Tenant Receivables
The Company reviews its rent and other tenant receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the tenant operates. If the collectability of a receivable with respect to any tenant is not probable of collection, a direct
write-off
of the specific receivable will be made. The Company had accounts receivable balances of $ 29.5 million and $ 7.7 million at December 31, 2020 and 2019, respectively, after the impact of $ 13.1 million and $ 3.8 million of receivables, respectively, were deemed not probable of collection. Receivables are recorded within deferred cost and other assets, net in the accompanying consolidated balance sheets.
For receivable balances related to the straight-line method of reporting rental revenue, the collectability is assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $ 93.1 million and $ 83.6 million at December 31, 2020 and 2019, respectively, after the impact of $ 14.5 million and $ 0.4 million of receivables, respectively, were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the accompanying consolidated balance sheets.
Goodwill
Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The FASB issued ASU
2017-04,
Simplifying the Test for Goodwill Impairment,
which the
Company adopted
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
effective January 1, 2020. ASU
2017-04
simplifies the accounting for goodwill impairment by eliminating the Step 2 requirement to calculate the implied fair value of goodwill. Instead, an entity should compare the fair value of each reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. No impairment was recorded for the periods presented. The
Spin-Off
of SMTA did qualify as a disposition of a business, resulting in a reduction in goodwill.
The following table presents a reconciliation of the Company’s goodwill (in thousands):
Consolidated
Balance as of December 31, 2017
$ 254,340
Goodwill allocated to dispositions of a business
(Spin-Off
of SMTA)
( 28,740 )
Balance as of December 31, 2018
225,600
Goodwill allocated to dispositions of a business
—
Balance as of December 31, 2019
225,600
Goodwill allocated to dispositions of a business
—
Balance as of December 31, 2020
$ 225,600
Accounting for Derivative Financial Instruments and Hedging Activities
The Company may utilize derivative instruments such as interest rate swaps for purposes of hedging exposures to fluctuations in interest rates associated with certain of its financing transactions. At the inception of a hedge transaction, the Company enters into a contractual arrangement with the hedge counterparty and formally documents the relationship between the derivative instrument and the financing transaction being hedged, as well as its risk management objective and strategy for undertaking the hedge transaction. The fair value of the derivative instrument is recorded on the balance sheet as either an asset or liability. At inception and at least quarterly thereafter, a formal assessment is performed to determine whether the derivative instrument has been highly effective in offsetting changes in cash flows of the related financing transaction and whether it is expected to be highly effective in the future. The Company recognizes the entire change in the fair value of cash flow hedges included in the assessment of hedge effectiveness in other comprehensive (loss) income. The amounts recorded in other comprehensive (loss) income will subsequently be reclassified to earnings when the hedged item affects earnings.
Income Taxes
The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income.
Taxable income earned by any of the Company’s taxable REIT subsidiaries, including from
non-REIT
activities, is subject to federal, state and local taxes. The rights and obligations of the Asset Management Agreement were transferred to SRAM, a wholly-owned taxable REIT subsidiary of Spirit, on April 1, 2019, which was subsequently terminated and simultaneously replaced by the Interim Management Agreement between SRAM and SMTA, effective from September 20, 2019
through its termination effective September
4, 2020. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020, including the termination fee income earned in September 2019, were subject to income tax. See Note 13 for additional discussion.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, therefore no
provision has been made for federal income taxes in the accompanying financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations.
Earnings Per Share and Unit
The Company’s unvested restricted common stock, which contains
non-forfeitable
rights to receive dividends, are considered participating securities requiring the
two-class
method of computing earnings per share and unit. Under the
two-class
method, earnings attributable to unvested restricted shares are deducted from income from continuing operations in the computation of net income attributable to common stockholders. Under the
two-class
method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the
two-class
method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period. Under the terms of the Amended Incentive Award Plan, restricted stock awards (see Note 9) are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses income or loss from continuing operations as the basis for determining whether potential common shares are dilutive or
anti-dilutive
and undistributed net income or loss as the basis for determining whether undistributed earnings are allocable to participating securities.
Forward Equity Sale Agreements
The Company may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through our ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Before any issuance of shares of our common stock to physically settle a forward sale agreement, such forward sale agreement will be reflected in our diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of our common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of our common stock that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to physical settlement or net share settlement of a forward sale agreement, there will be no dilutive effect on our earnings per share except during periods when the average market price of our common stock is above the adjusted forward sale price. However, if we decide to physically settle or net share settle such forward sale agreement, delivery of our shares on any physical settlement or net share settlement of the forward sale agreement will result in dilution to our earnings per share.
Unaudited Interim Information
The consolidated quarterly financial data in Note 14 is unaudited. In the opinion of management, this financial information reflects all adjustments necessary for a fair presentation of the respective interim periods. All such adjustments are of a normal recurring nature.
New Accounting Pronouncements
In June 2016, the FASB issued ASU
2016-13,
Measurement of Credit Losses on Financial Instruments
, which requires more timely recognition of credit losses associated with financial assets. ASU
2016-13
requires financial assets (or a group of financial assets) measured at an amortized cost basis to be presented at the net amount
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
expected to be collected. ASU
2016-13
is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and as such, the Company adopted ASU
2016-13
effective
January 1, 2020. Per the subsequently issued ASU
2018-19,
receivables arising from operating leases are not within the scope of ASU
2016-13.
The Company reviewed receivables within the scope of ASU
2016-13
totaling $ 40.3 million as of January 1,
2020, which were comprised of loans receivable and real estate assets held under direct financing lease. There were no amounts past due related to these receivables. As such, the Company determined the key credit quality indicator was the credit rating of the borrower, coupled with remaining time to maturity. As a result, the adoption ASU
2016-13
resulted in the recognition of a loss of $ 0.3 million on January 1, 2020, which was recorded in impairments on the accompanying consolidated statement of operations.
In April 2020, the FASB released a Staff Q&A regarding the accounting for lease concessions related to the effects of the
COVID-19
pandemic. The FASB noted that the underlying premise in requiring a modified lease to be accounted for as if it were a new lease under ASC 842 is that the modified terms and conditions affect the economics of the lease for the remainder of the lease term. As such, the FASB staff clarified that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the
COVID-19
pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). The Company made this election and accounts for rent deferrals by increasing the rent receivables as receivables accrue and continuing to recognize income during the deferral period, resulting in $ 26.3 million of deferrals being recognized in rental income for the year ended December 31, 2020. The deferral periods range generally from one to six months , with an average deferral period of four months and an average repayment period of 12 months. Lease concessions other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification. Management continues to evaluate any amounts recognized for collectability, regardless of whether accounted for as a lease modification or not, and records a provision for losses against rental income for amounts that are not probable of collection. For lease concessions granted in conjunction with the
COVID-19
pandemic, management reviewed all amounts recognized on a
tenant-by-tenant
basis for collectability.
NOTE 3. INVESTMENTS
Owned Properties
As of December 31, 2020, the Company’s gross investment in owned real estate properties totaled approximately $ 6.8 billion. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 48 states with Texas, at 10.7 %, as the only state with a gross investment greater than 10.0 % of the total gross investment of the Company’s entire portfolio.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
During the years ended December 31, 2020 and 2019, the Company had the following real estate activity, net of accumulated depreciation and amortization (dollars in thousands):
Number of Properties
Dollar Amount of Investments
Held in Use
Held for Sale
Total
Held in Use
Held for Sale
Total
Gross balance, December 31, 2018
1,459 3 1,462 $ 5,054,523 $ 22,064 $ 5,076,587
Acquisitions/improvements
(1)
334 — 334 1,344,843 — 1,344,843
Dispositions of real estate
(2)(3)
( 16 ) ( 28 ) ( 44 ) ( 98,327 ) ( 140,909 ) ( 239,236 )
Transfers to Held for Sale
( 27 ) 27 — ( 128,396 ) 128,396 —
Impairments
(4)
— — — ( 18,974 ) ( 5,117 ) ( 24,091 )
Reset of gross balances
(5)
— — — ( 12,894 ) ( 3,211 ) ( 16,105 )
Gross balance, December 31, 2019
1,750 2 1,752 6,140,775 1,223 6,141,998
Acquisitions/improvements
(1)
146 — 146 880,897 — 880,897
Dispositions of real estate
(2)
( 20 ) ( 18 ) ( 38 ) ( 53,985 ) ( 32,028 ) ( 86,013 )
Transfers to Held for Sale
( 23 ) 23 — ( 72,912 ) 72,912 —
Impairments
(4)
— — — ( 70,376 ) ( 11,100 ) ( 81,476 )
Res
e
t of gross balances
(5)
— — — ( 45,386 ) ( 3,243 ) ( 48,629 )
Other
— — — ( 1,340 ) —
( 1,340 )
Gross balance, December 31, 2020
1,853 7 1,860 $ 6,777,673 $ 27,764 $ 6,805,437
Accumulated depreciation and amortization
( 981,866 ) ( 1,943 ) ( 983,809 )
Net balance, December 31, 2020
(6)
$ 5,795,807 $ 25,821 $ 5,821,628
(1)
Includes investments of $ 10.0 million and $ 45.0 million, respectively, in revenue producing capitalized expenditures, as well as $ 2.5 million and $ 4.6 million, respectively, of
non-revenue
producing capitalized expenditures for the years ended December 31, 2020 and 2019.
(2)
The total gain on disposal of assets for properties held in use was $ 10.2 million, $ 26.5 million and $ 1.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. The total gain on disposal of assets for properties held for sale was $ 14.2 million, $ 32.4 million and $ 13.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.
(3)
Includes one
deed-in-lieu
property with a real estate investment of $ 0.8 million that was transferred to the lender during the year ended December 31, 2019.
(4)
Impairments on owned real estate is comprised of real estate and intangible asset impairment and allowance for credit losses on direct financing leases.
(5)
Represents
write-off
of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles which have been fully amortized.
(6)
Reconciliation of total owned investments to the accompanying consolidated balance sheet at December 31, 2020 is as follows:
Net investments
5,943,530
Intangible lease liabilities, net
( 121,902 )
Net balance
$ 5,821,628
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Operating Leases
As of December 31, 2020, 2019, and 2018, the Company held 1,852 , 1,745 , and 1,453 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands):
For the Year Ended December 31,
2020
2019
2018
Base Cash Rent
(1)
$ 453,013 $ 404,720 $ 466,658
Variable cash rent (including reimbursables)
13,176 12,737 14,931
Straight-line rent, net of uncollectible reserve
(2)
11,876 16,924 16,461
Amortization of above
-
and below
-
market lease intangibles, net
(3)
1,836 4,310 4,943
Total rental income
$ 479,901 $ 438,691 $ 502,993
(1)
Includes net impact of (amounts not deemed probable of collection)/amounts recovered of $( 10.9 ) million, $ 0.4 million, and $
(
0.5
)
million for the years ended December 31, 2020, 2019 and 2018, respectively.
(2)
Includes net impact of amounts not deemed probable for collection of $ 14.9 million, $ 0.2 million, and
$ 0.1 mi
l
lion
for the years ended December 31, 2020, 2019 and 2018, respectively. As a
result of the Company’s adoption of ASU
2016-02
on January 1, 2019, the Company reclassified bad debt expense to rental income on a prospective basis.
(3)
Excludes amortization of in-place leases of
$ 34.8 million, $ 29.8 million,
and $ 32.6 million for the years ended December 31, 2020, 2019 and 2018, respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations.
Scheduled minimum future contractual rent to be received under the remaining
non-cancellable
term of these operating leases (including contractual fixed rent increases occurring on or after January 1, 2021) at December 31, 2020 are as follows (in thousands):
December 31,

2020
2021
$ 505,018
2022
495,232
2023
477,604
2024
455,840
2025
442,818
Thereafter
3,207,076
Total future minimum rentals
$ 5,583,588
Because lease renewal periods are exercisable at the lessees’ options, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rentals based on a percentage of the lessees’ gross sales or lease escalations based on future changes in the CPI.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):
December 31,

2020
December 31,

2019
In-place
leases
$ 473,062 $ 457,616
Above-market leases
83,185 95,002
Less: accumulated amortization
( 188,258 ) ( 167,539 )
Intangible lease assets, net
$ 367,989 $ 385,079
Below-market leases
$ 178,614 $ 176,816
Less: accumulated amortization
( 56,712 ) ( 49,481 )
Intangible lease liabilities, net
$ 121,902 $ 127,335
The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 12.8 years, 11.0 years, 17.4 years and 13.7 years, respectively, as of December 31, 2020. The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was
13.4 years, 10.9 years, 18.1 years and 14.2
years, respectively, as of December 31, 2019. During the year ended December 31, 2020, the Company acquired in-place lease intangible assets of $ 47.7 million, above-market lease intangible assets of $ 3.5 million and below-market lease intangible liabilities of $ 6.3 million. During the year ended December
31, 2019, the Company acquired
in-place
lease intangible assets of $ 100.3 million, above-market lease intangible assets of $ 33.3 million and below-market lease intangible liabilities of $ 20.9 million.
Based on the balance of intangible assets and liabilities at December 31, 2020, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands):
December 31,

2020
2021
$ 32,658
2022
30,592
2023
28,936
2024
26,917
2025
23,503
Thereafter
103,481
Total future minimum amortization
$ 246,087
Direct Financing Leases
As of December 31, 2019, the Company held two properties under direct financing leases, which were held in use.
During the year ended
December 31, 2020, one of the properties was reclassified to an operating lease. For the remaining property held under direct financing lease, the property had
$ 3.6 million in scheduled minimum future payments to be received under its remaining
non-cancellable
lease term as of December 31, 2020. The
Company evaluated the collectability of the amounts receivable under the direct financing lease and recorded a reserve for uncollectible amounts totaling $ 0.3 million in the first quarter of 2020, primarily as a result of the borrower’s credit rating being
non-investment
grade and the initial term extending until 2027. The Company reversed $ 0.2 million of the reserve in the third quarter of 2020 as a result of improvement in the borrower’s credit and, as of December 31, 2020, there was a remaining reserve of $ 0.1 million against the net investment balance of $ 7.6 million.
Loans Receivable
As of December 31, 2019, the Company held two first-priority mortgage loans. The mortgage loans were secured by single-tenant commercial properties and had fixed interest rates over the term of the loans. There were two other
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
notes receivable as of December 31, 2019. One was secured by tenant assets and stock with a principal outstanding of $ 37 thousand, and the other was unsecured with a balance of $ 1.9 million as of December 31,
2019.
As of December 31, 2020, all of the Company’s loans receivable
were
fully paid off. The Company had evaluated the collectability of the amounts receivable under the loans receivable and recorded an allowance for loan losses of $ 0.3 million in the first quarter of 2020, primarily driven by the borrowers’ having investment grade credit ratings and maturities in 2020. The Company reversed $ 0.2 million of the reserve in the second quarter of 2020 due to the shorter time to maturity and no change in the borrower’s credit ratings. The remaining $ 0.1 million of the reserve was reversed during the third quarter of 2020 due to the repayment of the remaining loans.
During the years ended December 31, 2020 and 2019, the Company had the following loan activity (dollars in thousands):
Mortgage Loans
Other Notes
Total
Properties
Investment
Investment
Investment
Principal, December 31, 2018
52 $ 42,660 $ 2,082 $ 44,742
Principal payments and payoffs
( 9 ) ( 10,927 ) ( 110 ) ( 11,037 )
Principal, December 31, 2019
43 31,733 1,972 33,705
Principal payments and payoffs
( 43 ) ( 31,733 ) ( 1,972 ) ( 33,705 )
Principal, December 31, 2020
— $ — $ — $ —
Impairments and Allowance for Credit Losses
The following table summarizes total impairments and allowance for credit losses recognized in continuing and discontinued operations on the accompanying consolidated statements of operations (in thousands):
Year Ended December 31,
2020
2019
2018
Real estate
asset impairment
$ 59,206 $ 24,130 $ 17,193
Intangible asset impairment (recovery)
22,118 ( 39 ) 492
Allowance for credit losses on direct financing leases
152 — —
Reversal for credit losses on loans receivable
— — ( 17 )
Total impairment loss
$ 81,476 $ 24,091 $ 17,668
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
NOTE 4. DEBT
The debt of the Company and the Operating Partnership are the same, except for the presentation of the Convertible Notes which were issued by the Company. Subsequently, an intercompany note between the Company and the Operating Partnership was executed with terms identical to those of the Convertible Notes. Therefore, in the consolidated balance sheet of the Operating Partnership, the amounts related to the Convertible Notes are reflected as notes payable to Spirit Realty Capital, Inc., net. The Company’s debt is summarized below (dollars in thousands):
2020 Weighted

Average Effective

Interest Rates
(1)
2020 Weighted

Average Stated

Rates
(2)
2020 Weighted

Average Remaining
Years to Maturity
(3)
December 31,

2020
December 31,

2019
Revolving credit facilities
5.12 % — 2.3 $ — $ 116,500
Term loans
2.57 % 1.65 % 1.3 178,000 —
Senior Unsecured Notes
3.80 % 3.61 % 8.2 1,950,000 1,500,000
CMBS
5.80 % 5.47 % 2.8 214,237 218,338
Convertible Notes
5.54 % 3.75 % 0.4 190,426 345,000
Total debt
4.05 % 3.64 % 6.7 2,532,663 2,179,838
Debt discount, net
( 7,807 ) ( 9,272 )
Deferred financing costs, net
(4)
( 18,515 ) ( 17,549 )
Total debt, net
$ 2,506,341 $ 2,153,017
(1)
The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and
non-utilization
fees, where applicable, calculated for the year ended December 31, 2020 and based on the average principal balance outstanding during the period.
(2)
Represents the weighted average stated interest rate based on the outstanding principal balance as of December 31, 2020.
(3)
Represents the weighted average remaining years to maturity based on the outstanding principal balance as of December 31, 2020.
(4)
The Company records deferred financing costs for its revolving credit facilities in deferred costs and other assets, net on its consolidated balance sheets.
Deferred financing costs and offering discount/premium incurred in connection with entering into debt agreements are amortized to interest expense over the initial term of the respective agreements. Both deferred financing costs and offering discount/premium are recorded net against the principal debt balance on the accompanying consolidated balance sheets, except for deferred costs related to revolving credit facilities, which are recorded in deferred costs and other assets, net.
Revolving Credit Facilities
On January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, comprised of the 2019 Credit Facility and the
A-1
Term Loans, which replaced the 2015 Credit Facility and 2015 Term Loan, respectively. The 2019 Credit Facility is comprised of $ 800.0 million of aggregate revolving commitments with a maturity date of March 31, 2023 and includes two
six-month
extensions that can be exercised at the Company’s option. The 2019 Revolving Credit and Term Loan Agreement includes an accordion feature providing for an additional $ 400.0 million of revolving borrowing capacity, subject to satisfying certain requirements. Borrowings may be repaid, in whole or in part, at any time, without premium or penalty, but subject to applicable LIBOR breakage fees, if any. Payment is unconditionally guaranteed by the Company and material subsidiaries that meet certain conditions. The 2019 Credit Facility is full recourse to the Operating Partnership and the aforementioned guarantors.
As of December 31, 2020, outstanding loans under the 2019 Credit Facility bore interest at
1-Month
LIBOR plus an applicable margin of 0.90 % per annum and the aggregate revolving commitments incurred a facility fee of 0.20 %
per annum, in each case, based on the Operating Partnership’s credit rating, which was upgraded to BBB by S&P in May 2019. Prior to the upgrade, outstanding loans bore interest at LIBOR plus an applicable margin of 1.10 % per annum and the aggregate revolving commitments incurred a facility fee of 0.25 % per annum.
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December 31, 2020
The
unamortized deferred financing costs were $
2.6
million as of December
31
,
2020
, compared to $
3.7
million as of December
31
,
2019
. As of December
31
,
2020
, the full $
800.0
million of borrowing capacity was available under the
2019
Credit Facility and there were
no
outstanding letters of credit. The Operating Partnership’s ability to borrow under the
2019
Credit Facility is subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December
31
,
2020
.
Term Loans
As discussed above, on January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, which included the
A-1
Term Loans. The
A-1
Term Loans had an aggregate borrowing amount of $ 420.0 million, a maturity date of March 31, 2024 and an accordion feature for an additional $ 200.0 million of term loans, subject to satisfying certain requirements. In addition, on January 14, 2019, the Operating Partnership entered into the
A-2
Term Loans, with an aggregate of $ 400.0 million of delayed draw term loans, a maturity date of March 31, 2022 and an accordion feature for an additional $ 200.0 million of term loans, subject to satisfying certain requirements. The Company drew on the
A-2
Term Loans to retire the 2.875 % Convertible Notes upon their maturity in May 2019.
The
A-1
Term Loans and
A-2
Term Loans bore interest at LIBOR plus an applicable margin of 1.00 % per annum based on the Operating Partnership’s credit rating after the upgrade in May 2019. Prior to the upgrade, they bore interest at LIBOR plus an applicable margin of 1.25 %. In addition, a ticking fee accrued on the unused portion of the
A-2
Term Loans at a rate of 0.20 % until the earlier of July 12, 2019 or the termination of the commitments. On September 16, 2019, in connection with the issuance of the 2027 Senior Unsecured Notes and 2030 Senior Unsecured Notes described below, the Company repaid the
A-1
Term Loans and
A-2
Term Loans in full.
On
April 2, 2020
, the Operating Partnership entered into the 2020 Term Loan Agreement, which provided for $ 200.0 million of unsecured term loans with a maturity date of April 2, 2022 . The 2020 Term Loan Agreement included an accordion feature, which the Operating Partnership fully exercised in the second quarter of 2020 to borrow an additional $ 200.0 million of term loans. As of December 31, 2020, the 2020 Term Loans bore interest at LIBOR plus an applicable margin of 1.50 % per annum, based on the Operating Partnership’s credit rating. In connection with entering into the 2020 Term Loan Agreement, the Company incurred $ 2.5 million in deferred financing costs.
On August 6, 2020, the issuance of the 2031 Senior Unsecured Notes described below triggered a mandatory prepayment under the 2020 Term Loan Agreement. As such, the Company repaid $ 222.0 million of the 2020 Term Loans and
wrote-off
$ 1.0 million of related unamortized deferred financing costs.
As of December 31, 2020, the remaining unamortized deferred financing costs were $ 0.7 million. The Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants in relation to the borrowings under the 2020 Term Loan Agreement, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2020. On January 4, 2021, the Company repaid the 2020 Term Loans in full.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Senior Unsecured Notes
The Senior Unsecured Notes were issued by the Operating Partnership and guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands):
Maturity Date
Stated Interest
Rate
December 31,

2020
December 31,

2019
2026 Senior Notes
September 15, 2026 4.45 % $ 300,000 $ 300,000
2027 Senior Notes
January 15, 2027 3.20 % 300,000 300,000
2029 Senior Notes
July 15, 2029 4.00 % 400,000 400,000
2030 Senior Notes
January 15, 2030 3.40 % 500,000 500,000
2031 Senior Notes
February 15, 2031 3.20 % 450,000 —
Total Senior Unsecured Notes
3.61 % $ 1,950,000 $ 1,500,000
On June 27, 2019, the Operating Partnership issued $ 400.0 million aggregate principal amount of 2029 Senior Unsecured Notes, resulting in net proceeds of $ 395.9 million. In connection with the June 2019 offering, the Operating Partnership incurred $ 3.8 million in deferred financing costs and an offering discount of $ 0.3 million. On September 16, 2019, the Operating Partnership issued $ 300.0 million aggregate principal amount of 2027 Senior Unsecured Notes, resulting in net proceeds of $ 297.0 million, and $ 500.0 million aggregate principal amount of 2030 Senior Unsecured Notes, resulting in net proceeds of $ 494.2 million. In connection with the September 2019 offering, the Operating Partnership incurred $ 7.3 million in deferred financing costs and an offering discount of $ 1.5 million. On August 6, 2020, the Operating Partnership issued $ 450.0 million aggregate principal amount of 2031 Senior Notes, resulting in net proceeds of $ 441.3 million. In connection with the August 2020 offering, the Operating Partnership incurred $ 4.2 million in deferred financing costs and an offering discount of $ 4.5 million.
Interest on the Senior Unsecured Notes is payable on January 15 and July 15 of each year, except for the 2026 Senior Notes, for which interest is payable on March 15 and September 15 of each year, and the 2031 Senior Notes, for which interest is payable on February 15 and August 15 of each year. The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of:
100 % of the principal amount of the respective Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium. If any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium.
As of December 31, 2020 and December 31, 2019, the unamortized deferred financing costs were $ 15.6 million and $ 12.9 million, respectively, and the unamortized discount was $ 7.0 million and $ 3.0 million, respectively. In connection with the issuance of the Senior Unsecured Notes, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2020.
CMBS
Indirect wholly-owned special purpose entity subsidiaries of the Company are borrowers under five fixed-rate
non-recourse
loans, which have been securitized into CMBS and are secured by the borrowers’ respective leased properties and related assets. The stated interest rates as of December 31, 2020 for the loans ranged from 5.23 % to 6.00 %, with a weighted average stated rate of 5.47 %. As of December 31, 2020, the
non-defaulted
loans were secured by 88 properties. As of December 31, 2020 and 2019, the unamortized deferred financing costs associated with the CMBS loans were $ 1.9 million and $ 2.6 million, respectively, and the unamortized net premium was $ 0.2 million and $ 0.3 million,
respectively.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Convertible Notes
In May 2014, the Company issued $ 402.5 million aggregate principal amount of 2.875 % convertible notes due in 2019 and $ 345.0 million aggregate principal amount of 3.75 % convertible notes due in 2021. Proceeds from the
issuance were contributed to the Operating Partnership and are recorded as a note payable to Spirit Realty Capital, Inc. on the consolidated balance sheets of the Operating Partnership. The 2019 Notes matured on May 15, 2019 and were settled in cash. The 2021 Notes will mature on May 15, 2021 and interest is payable semi-annually in arrears on May 15 and November 15 of each year.
The 2021 Notes are convertible only during certain periods and, subject to certain circumstances, into cash, shares of the Company’s common stock, or a combination thereof. The conversion rate is subject to adjustment for certain anti-dilution events, including special distributions and regular quarterly cash dividends exceeding a current threshold of $ 0.73026 per share. As of December 31, 2020, the conversion rate was 17.4458 per $1,000 principal note, which reflects the adjustment from the SMTA dividend distribution related to the
Spin-Off,
in addition to the other regular dividends declared during the life of the 2021 Notes. Earlier conversion may be triggered if shares of the Company’s common stock trade higher than the established thresholds, if the 2021 Notes trade below established thresholds, or certain corporate events occur. During the year ended December 31, 2020, the Company repurchased $
154.6
million of the 2021 Notes in cash.
Offering discount and deferred financing costs related to the 2019 Notes were fully amortized in May 2019. As of December 31, 2020 and 2019, the unamortized discount for the 2021 Notes was $ 1.0 million and $ 6.5 million, respectively, and the unamortized deferred financing costs were $ 0.3 million and $ 2.1 million, respectively. The equity component of the conversion feature was $ 55.1 million as of both December 31, 2020 and 2019 and is recorded in capital in excess of par value in the accompanying consolidated balance sheets, net of financing transaction costs.
Debt Extinguishment
During the year ended December 31, 2020, the Company extinguished a total of $ 222.0 million of indebtedness under the 2020 Term Loans, resulting in a loss on debt extinguishment of $ 1.0 million. Additionally, the Company extinguished a total of $ 154.6 million aggregate principal amount of the 2021 Convertible Notes, resulting in a loss on debt extinguishment of $ 6.2 million.
During the year ended December 31, 2019, the Company extinguished a total of $ 2.0 billion aggregate principal amount of indebtedness, comprised of the following:
•
repayment and termination of $ 820.0 million of the
A-1
Term Loans and
A-2
Term Loans, resulting in a loss on debt extinguishment of $ 5.3 million,
•
termination of the 2015 Credit Agreement and 2015 Term Loan Agreement, with $ 606.7 million of principal balance, resulting in loss on debt extinguishment of $ 0.7 million,
•
extinguishment upon maturity of the 2019 Notes of the $ 402.5 million principal balance,
•
retirement of the $ 165.5 million principal balance of the Master Trust 2013 notes, resulting in a loss on debt extinguishment of $ 15.0 million, and
•
extinguishment of $ 52.8 million principal amount of CMBS indebtedness, resulting in a net gain on debt extinguishment of $ 6.7 million.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Debt Maturities
As of December 31, 2020, scheduled debt maturities, including balloon payments, were as follows (in thousands):
Scheduled

Principal
Balloon

Payment
Total
2021
$ 4,365 $ 190,426 $ 194,791
2022
4,617 178,000 182,617
2023
3,074 197,912 200,986
2024
590 — 590
2025
610 16 626
Thereafter
3,000 1,950,053 1,953,053
Total
$ 16,256 $ 2,516,407 $ 2,532,663
Interest Expense
The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands):
Year Ended December 31,
2020
2019
2018
Interest expense – revolving credit facilities
(1)
$ 3,686 $ 5,201 $ 8,220
Interest expense – term loans
3,545 15,448 6,594
Interest expense – Senior Unsecured Notes
61,750 29,286 13,350
Interest expense – mortgages and notes payable
12,028 18,733 68,530
Interest expense – Convertible Notes
(2)
10,728 17,245 24,509
Interest expense – interest rate swaps/other
— 972 —
Non-cash
interest expense:
Amortization of deferred financing costs
5,278 6,289 9,306
Amortization of debt discount, net
4,343 7,028 13,560
Amortization of net losses related to interest rate swaps
2,807 858 —
Total interest expense
$ 104,165 $ 101,060 $ 144,069
(1)
Includes facility fees of approximately $ 1.6 million, $ 2.0 million and $ 2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.
(2)
Included in interest expense on the Operating Partnership’s consolidated statements of operations are amounts paid to the Company by the Operating Partnership related to the notes payable to Spirit Realty Capital, Inc.
NOTE 5. STOCKHOLDERS’ EQUITY AND PARTNERS’ CAPITAL
Issuance of Preferred Stock
On October 3, 2017, the Company completed an underwritten public offering of 6.9 million shares of 6.00%
Series A Preferred Stock. The Series A Preferred Stock pays cumulative
cash dividends at the rate of
6.00
% per annum on their liquidation preference of $
25.00
per share (equivalent to $
0.375
per share on a quarterly basis and $
1.50
per share on an annual basis). Dividends are payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on December 31, 2017. The Series A Preferred Stock trades on the NYSE under the
symbol
“SRC-A.”
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
The Company
may not redeem the Series A Preferred Stock prior to October 3, 2022, except in limited circumstances to preserve the Corporation’s status as a real estate investment trust, and pursuant to the special optional redemption provision described below. On and after October 3, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $
25.00
per share, plus any accrued and unpaid dividends up to but excluding the redemption date. In addition, upon the occurrence of a change of control, the Company may, at its option, exercise the special optional redemption provision and redeem the Series A Preferred Stock, in whole or in part within
120
days after the first date on which such change of control occurred, by paying $
25.00
per share, plus any accrued and unpaid dividends up to, but not including, the date of redemption.
The preferred stock offering resulted in the Operating Partnership concurrently issuing 6.9 million Series A Preferred Units (“Limited Partner Series A Preferred Units”) that have substantially the same terms as the Series A Preferred Stock.
Issuance of Common Stock
In May 2019, the Company entered into forward sale agreements in connection with an offering of 11.5 million shares of common stock at an initial gross offering price of $ 41.00 per share, before underwriting discounts and offering expenses. The forward purchasers borrowed and sold an aggregate of 11.5 million shares of common stock in the offering. The Company did not receive any proceeds from the sale of its shares of common stock by the forward purchasers at the time of the offering. All 11.5 million of these shares were settled during 2019, generating gross proceeds of $ 471.5 million.
In June 2020, the Company entered into forward sale agreements in connection with an offering of 9.2 million shares of common stock at an initial public offering price of $ 37.35 per share, before underwriting discounts and offering expenses. The Company did not receive any proceeds from the sale of its shares of common stock by the forward purchasers at the time of the
offering. All 9.2 million of these shares were settled during 2020, generating net proceeds of $ 319.1 million.
ATM Program
In November 2016, the Board of Directors approved a $ 500.0 million ATM Program and the Corporation terminated its prior program. The agreement provided for the offer and sale of shares of the Company’s common stock having an aggregate gross sales price of up to $ 500.0 million through the agents, as its sales agents or, if applicable, as forward sellers for forward purchasers, or directly to the agents acting as principals. The Company
could
sell shares in amounts and at times to be determined by the Company,
but had no obligation to sell any of the shares in the 2016 ATM Program. Since inception of the 2016 ATM Program through its termination in November 2020,
8.8 million shares of the Company’s common stock had been sold, of which 3.6 million were sold during the year ended December 31, 2020. Of the total shares sold since inception, 7.0 million were through forward sales agreements, including all 3.6 million shares sold during the year ended December 31, 2020. During the year ended December 31, 2020, 2.9
million of the shares were physically settled, generating net proceeds
of $ 109.2 million. There were 0.6 million shares remaining under open forward sales agreements as of
December  31, 2020, with a weighted average forward settlement price of $ 36.17 per share and a final settlement date of September 8, 2021 .
In November 2020, the Board of Directors approved a new $ 500.0 million ATM Program, and the Corporation terminated
its 2016 ATM
program. Since inception of the
2020
ATM Program through December 31, 2020, 3.5
million
shares of the Company’s common stock have been sold. All
3.5
million
of these shares remained under open forward sale agreements as of December 31, 2020, with a weighted average forward settlement price of $ 37.02 per share. The final settlement date for 1.4 million of the shares is November 9, 2021 and the final settlement date for the remainder is December 2, 2021. Approximately
$ 369.7 million remained available under the program as of December 31, 2020.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Stock Repurchase Programs
In August 2017, the Company’s Board of Directors approved a stock repurchase program, which authorized the repurchase of up to $ 250.0 million of the Company’s common stock. From August 2017 through April 2018, 6.1 million shares of the Company’s common stock were repurchased in open market transactions under this stock repurchase program, at a weighted average price of $ 40.70 per share, leaving no available capacity. Fees of $ 0.7 million associated with these repurchases are included in retained earnings.
On May 1, 2018, the Company’s Board of Directors approved a
new
stock repurchase program, which authorized the Company to repurchase up to $ 250.0 million of the Company’s common stock. These purchases could be made in the open market or through private transactions from time to time over the
18 -month
time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements. No shares of the Company’s common stock were repurchased under the program, and the full $ 250.0 million in gross repurchase capacity expired unused on
November 1, 2019.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Dividends Declared
In fiscal years 2020 and 2019, the Company’s Board of Directors declared the following preferred and common stock dividends:
Declaration Date
Dividend Per Share
Record Date
Total Amount
Payment Date
(in Thousands)
2020
Preferred Stock
February 27, 2020
$ 0.3750 March 13, 2020 $ 2,588 March 31, 2020
May 22, 2020
0.3750 June 15, 2020 2,588 June 30, 2020
August 25, 2020
0.3750 September 15, 2020 2,587 September 30, 2020
November 13, 2020
0.3750 December 15, 2020 2,587 December 31, 2020
Total Preferred Dividend
$ 1.5000 $ 10,350
Common Stock
February 27, 2020
0.6250 March 31, 2020 $ 64,338 April 15, 2020
May 22, 2020
0.6250 June 30, 2020 64,402 July 15, 2020
August 25, 2020
0.6250 September 30, 2020 66,171 October 15, 2020
November 13, 2020
0.6250 December 31, 2020 71,748 January 15, 2021
Total Common Dividend
$ 2.5000 $ 266,659
2019
Preferred Stock
February 28, 2019
$ 0.3750 March 15, 2019 $ 2,588 March 29, 2019
May 30, 2019
0.3750 June 14, 2019 2,588 June 28, 2019
August 13, 2019
0.3750 September 13, 2019 2,587 September 30, 2019
November 8, 2019
0.3750 December 13, 2019 2,587 December 31, 2019
Total Preferred Dividend
$ 1.5000 $ 10,350
Common Stock
February 28, 2019
0.6250 March 29, 2019 $ 54,254 April 15, 2019
May 30, 2019
0.6250 June 28, 2019 56,318 July 15, 2019
August 13, 2019
0.6250 September 30, 2019 62,322 October 15, 2019
November 8, 2019
0.6250 December 31, 2019 64,049 January 15, 2020
Total Common Dividend
$ 2.5000 $ 236,943
The common stock dividends
declared in December 2020 were paid in January 2021, and are included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.
NOTE 6. COMMITMENTS AND CONTINGENCIES
The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are insured against such claims.
In 2015, Haggen Holdings, LLC and a number of its affiliates, including Haggen Operations Holdings, LLC (“Haggen”), filed petitions for bankruptcy. At the time of the filing, Haggen leased 20 properties from a subsidiary of the
Company
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
under
a master lease. The Company and Haggen restructured the master lease in an initial settlement agreement with approved claims of $
21.0
million. In
2016
, the Company entered into an additional settlement agreement with Haggen and Albertsons, LLC for $
3.4
million and $
3.0
million, respectively. Prior to
2018
, the Company collected $
5.5
million of the total claims from both settlement agreements. In
December 2018
, the Company received final settlement proceeds of $
19.7
million and no other claims related to the Haggen Settlement remain outstanding. $
0.6
million of the proceeds relieved accruals related to Haggen, and the remaining $
19.1
million of proceeds is reflected in other income on the accompanying consolidated statement of operations for the year ended December
31
,
2018
.
As of December 31, 2020, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.
As of December 31, 2020, the Company had commitments totaling $ 60.6 million, of which $ 48.0 million relates to future acquisitions, with the remainder to fund improvements on properties the Company currently owns. Commitments related to acquisitions contain standard cancellation clauses contingent on the results of due diligence.
$ 60.4 million of these
commitments are expected to be funded during fiscal year 2021.
In addition, the Company is contingently liable for $ 5.7 million of debt owed by one of its former tenants until the maturity of the debt on March 15, 2022. The Company has accrued the full $ 5.7 million liability in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of both December 31, 2020 and December 31, 2019.
The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of December 31, 2020, no accruals have been made.
The Company leases its current corporate office space, which is classified as an operating lease. The corporate office lease contains a variable lease cost related to the lease of parking spaces and a
non-lease
component related to the reimbursement of certain common area maintenance expenses, both of which are recognized as incurred. The Company elected to use the components expedient for all lessee operating leases, which permits the Company to not separate
non-lease
components from lease components if timing and pattern of transfer is the same. As such, total rental expense, including variable rent, for the corporate office space amounted to $ 1.5 million, $ 1.6 million and $ 0.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in general and administrative expense. The Company’s lease of its corporate office space has an initial term that expires on January 31, 2027 and is renewable at the Company’s option for two additional periods of five years each after the initial term.
The Company is also a lessee under long-term,
non-cancellable
ground leases under which it is obligated to pay monthly rent. There were four ground leases as of December 31, 2020 and 2019, respectively. Total rental expense included in property costs, including discontinued operations, amounted to $ 0.3 million, $ 0.3 million and $ 0.9 million for each of the years ended December 31, 2020, 2019 and 2018, respectively. For all ground leases, rental expenses are reimbursed by unrelated third parties, and the corresponding rental revenue is recorded in rental income on the accompanying consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 6.8 years.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
The Company’s minimum aggregate rental commitments under all
non-cancellable
operating leases as of December 31, 2020 are as follows (in thousands):
Ground Leases
Office Lease
Total
2021
$ 277 $ 1,024 $ 1,301
2022
193 1,040 1,233
2023
169 1,055 1,224
2024
169 1,070 1,239
2025
151 1,086 1,237
Thereafter
391 1,193 1,584
Total
1,350 6,468 7,818
Less: imputed interest
( 272 ) ( 1,249 ) ( 1,521 )
Total operating lease liabilities
$ 1,078 $ 5,219 $ 6,297
Imputed interest was calculated using a weighted-average discount rate of 4.25 %. The discount rate is based on our estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including the Company’s credit rating and REIT industry performance. The evaluation of the Company’s
right-of-use
lease asset associated with the corporate office included the unamortized portion of a $ 1.7 million cash lease incentive paid at inception of the lease. As of December 31, 2020 and 2019, the Company had a
right-of-use
lease asset balance of $ 4.6 million and $ 5.4 million, respectively, which are included in deferred costs and other assets, net and an operating lease liability balance of $ 6.3 million and $ 7.4 million, respectively, which are included in accounts payable, accrued expenses and other liabilities on the accompanying consolidated balance sheet
s
.
NOTE 7. DERIVATIVE AND HEDGING ACTIVITIES
The Company may use interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in AOCL and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of
non-cash
investing and financing activities in the consolidated statement of cash flows. Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes. The Company does not have netting arrangements related to its derivatives.
The Company is exposed to credit risk in the event of
non-performance
by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings.
In December 2018, the Company entered into interest rate swap agreements. In the third quarter of 2019, the Company terminated its interest rate swaps and accelerated the reclassification of a loss of $ 12.5 million from AOCL to termination of interest rate swaps on the consolidated statement of operations as a result of a portion of the hedged forecasted transactions becoming probable not to occur. There were no events of default related to the interest rate swaps prior to their termination. Given that a portion of the hedged transactions remained probable to occur, $ 12.3 million of the loss was deferred in other comprehensive loss and will be amortized over the remaining initial term of the interest rate swaps, which ends March 31, 2024. As of December 31, 2020, the unamortized portion of loss in AOCL related to terminated interest rate swaps was $ 8.7 million.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately (in thousands):
Year Ended December 31,
2020
2019
2018
Gross amount of loss recognized in AOCL on derivatives
$ — $ ( 18,593 ) $ ( 7,159 )
Amount of loss reclassified from AOCL to termination of interest rate swaps
—
12,461 —
Amount of loss reclassified from AOCL to interest
(1)
2,807 1,830 —
Net reclassification of amounts from (to) AOCL
$ 2,807 $ ( 4,302 ) $ ( 7,159 )
(1)
Interest expense was $ 104.2 million, $ 101.1 million and $ 144.1 million for the years ended 2020, 2019, and 2018, respectively.
During the next 12 months, we estimate that approximately $ 2.8 million will be reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt.
NOTE 8. FAIR VALUE MEASUREMENTS
Fair Value Measurements
The fair value measurement framework specifies a hierarchy of valuation inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable:
•
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.
•
Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.
•
Level 3 – Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Nonrecurring Fair Value Measurements
Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant
,
tenant bankruptcy or delinquency, and leases expiring in
60
days or less. The fair values of real estate and intangible assets were determined using the following information, depending on availability, in order of preference: signed purchase and sale agreements (“PSA”) or letters of intent (“LOI”); broker opinion of value (“BOV”); recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands):
Fair Value Hierarchy Level
Description
Fair Value
Level 1
Level 2
Level 3
Assets held at December 31, 2020
Impaired at March 31, 2020
$ 36,491 $ — $ — $ 36,491
Impaired at June 30, 2020
$ 8,055 $ — $ — $ 8,055
Impaired at September 30, 2020
$ 10,027 $ — $ — $ 10,027
Impaired at December 31, 2020
$ 14,259 $ — $ — $ 14,259
Assets held at December 31, 2019
Impaired at June 30, 2019
$ 1,893 $ — $ — $ 1,893
Impaired at September 30, 2019
$ 1,093 $ — $ — $ 1,093
Impaired at December 31, 2019
$ 11,594 $ — $ — $ 11,594
As of
December 31, 2020, the Company held
23
properties that were impaired during 2020. As of December 31, 2019, the Company held
16
properties that were impaired during 2019. For
one
of the properties held at December 31, 2020, the Company estimated fair value using a capitalization rate of
10.06
% based on comparative capitalization rates from market competitors. For
one
of the properties held at December 31, 2019, the Company estimated fair value using a capitalization rate of
9.62
% based on comparative capitalization rates from market comparables. For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs and, for the properties valued using comparable properties during 2020, the price per square foot includes a discount of
0
-
10
%
to account for the market impact of
COVID-19.
The unobservable inputs for the remaining properties are as follows:
Unobservable Input
Asset Type
Property
Count
Price Per Square Foot
Range
Weighted Average
Price
Per
Square Foot
Square

Footage
December 31, 2020
PSA, LOI or BOV
Retail 11
$ 16.67 - $ 338.98
$ 43.32 577,945
Comparable Properties
Retail 10 $ 4.35 - $ 282.08 $ 57.62 431,563
Comparable Properties
Office 1
$ 79.80 - $ 103.79
$ 89.25 28,804
December 31, 2019
PSA, LOI or BOV
Retail 10
$
24.78
- $
323.00
$ 50.71 165,773
PSA, LOI or BOV
Office 1 $
99.37
$ 99.37 4,310
Comparable Properties
Retail 4
$
34.45
- $
740.74
$ 104.84 35,885
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Estimated Fair Value of Financial
Instruments
Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the accompanying consolidated balance sheets.
In addition, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at measurement date. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The estimated fair values of these financial instruments have been derived either based on (i) market quotes for identical or similar instruments in markets that are not active or (ii) discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 of the fair value hierarchy. The following table discloses fair value information for these financial instruments (in thousands):
December 31, 2020
December 31, 2019
Carrying

Value
Estimated

Fair Value
Carrying

Value
Estimated

Fair Value
Loans receivable, net
$ — $ — $ 34,465 $ 35,279
2019 Credit Facility
— — 116,500 119,802
2020 Term Loans, net
(1)
177,309 177,884 — —
Senior Unsecured Notes
, net
(1)
1,927,348 2,122,409 1,484,066 1,543,919
Mortgages and notes payable, net
(1)
212,582 226,240 216,049 235,253
Convertible Notes, net
(1)
189,102 194,124 336,402 356,602
(1)
The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.
NOTE 9. INCENTIVE AWARD PLAN AND EMPLOYEE BENEFIT PLAN
Amended Incentive Award Plan
Under the Amended Incentive Award Plan, the Company may grant equity incentive awards to eligible employees, directors and other service providers. Awards under the Amended Incentive Award Plan may be in the form of stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, performance awards, stock payment awards, market-based awards, Operating Partnership units and other incentive awards. If an award under the Amended Incentive Award Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Amended Incentive Award Plan. As of December 31, 2020, 2.3 million shares remained available for award under the Amended Incentive Award Plan.
Shares of common stock have been granted pursuant to the Amended Incentive Award Plan and, during the periods presented, portions of these awards vested. The vesting of these shares resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender
117.5 thousand, 58 thousand and 58 thousand shares of
common stock during the years ended December 31, 2020, 2019 and 2018, respectively, valued
at $ 4.4 million, $ 2.5 million and $ 2.4 million, respectively, solely to pay the associated statutory tax withholdings, which do not exceed the maximum statutory rate. Common shares repurchased are considered retired under Maryland law, and the cost of the stock repurchased is recorded as a reduction to common stock and accumulated deficit on the consolidated
balance sheets. The Company has made an accounting policy election to recognize stock-based compensation forfeitures as they occur.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Restricted Shares of Common Stock
Restricted share awards have been granted to certain employees, including executive officers, and members of the Board of Directors. The requisite service period for the awards is generally three years for employees and one year for members of the Board of Directors. The following table summarizes restricted share activity under the Amended Incentive Award Plan:
2020
2019
2018
Number of

Shares
Weighted

Average Price
(1)

(per share)
Number of

Shares
Weighted

Average Price
(1)

(per share)
Number of

Shares
Weighted

Average Price
(1)

(per share)
Outstanding
non-vested
shares, beginning of year 		321,627 $ 40.66 346,181 $ 45.48 286,917 $ 53.00
Shares granted
148,045 46.42 172,818 38.41 207,253 39.43
Shares vested
( 182,653 ) 42.04 ( 193,373 ) 47.33 ( 137,292 ) 52.11
Shares forfeited
( 7,107 ) 45.77 ( 3,999 ) 38.40 ( 10,697 ) 45.02
Outstanding
non-vested
shares, end of year 		279,912 $ 42.67 321,627 $ 40.66 346,181 $ 45.48
(1)
Based on grant date fair values.
The Company recorded $ 6.9 million in deferred stock-based compensation associated with restricted shares granted during the year ended December 31, 2020. The fair value of the restricted stock grants was determined based on the Company’s closing stock price on the date of grant. During the year ended December 31, 2020, restricted shares with an aggregate fair value of $ 7.8 million vested. The fair value of the vesting was determined based on the Company’s closing stock price on the date of vest. Outstanding
non-vested
awards as of December 31, 2020 have a remaining weighted average recognition period of 0.7 years.
In connection with the
Spin-Off
on May 31, 2018, holders of unvested restricted shares of Spirit common stock received unrestricted shares of SMTA common stock on a pro rata basis of one share of SMTA common stock for every ten shares of Spirit common stock. The distribution of unrestricted SMTA shares is considered an award modification that did not result in incremental fair value and, therefore, incremental compensation expense was not recognized. However, since the vesting period of the unrestricted SMTA shares was accelerated, $ 1.4 million of unrecognized stock-based compensation expense was accelerated and is reflected within general and administrative expenses for the year ended December 31, 2018.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Market-Based Awards
M
arket-based awards have been granted to executive officers upon approval from the Board of Directors or committee thereof. These awards are granted at a target number of units and represent shares that are potentially issuable in the future. The market-based share awards vest based on the Company’s stock
price, dividend
performance,
and
TSR at the end of their respective performance periods relative to a group of industry peers. The performance periods generally begin on January 1st of the year of grant and end after three years on December 31st. Potential
shares of the Corporation’s common stock that each participant is eligible to receive is based on the initial target number of shares granted multiplied by a percentage range between 0 % and 300
%. The following table summarizes market-based award activity under the Amended Incentive Award Plan:
2020
2019
2018
Number of

Target Shares
Weighted

Average Fair

Value

(per share)
Number of

Target Shares
Weighted

Average Fair

Value

(per share)
Number of

Target Shares
Weighted

Average Fair

Value

(per share)
Outstanding
non-vested
awards, beginning of year
319,731
$
49.49
266,801
$
51.19
168,694
$
62.25
Grants at target
87,746
67.30
96,543
50.95
100,899
51.98
Earned above performance target
83,259
54.57
—
—
—
—
Vested
(1)
( 268,694
)
54.57
( 30,597
)
69.54
( 27,267
)
70.24
Forfeited
—
—
( 8,662
)
72.24
( 2,168
)
80.32
Incremental Shares
(2)
( 20,574
)
N/A
( 4,354
)
N/A
26,643
N/A
Outstanding
non-vested
awards, end of year
201,468
$
58.12
319,731
$
49.49
266,801
$
51.19
(1)
The number of shares that vested in 2018 includes 27,267 shares released at target in connection with qualifying terminations. Dividend rights of $ 0.1 million associated with these terminations were paid in cash during 2018.
(2)
In 2018, in connection with the
Spin-Off
and in accordance with the rights granted per the Amended Incentive Award Plan, the Board of Directors made an equitable adjustment for
all market-based awards
outstanding, resulting in incremental shares. During the years ended December 31, 2020 and 2019, 20.6 thousand and 3.4 thousand, respectively, of these incremental shares were earned. 1 thousand of the incremental shares expired unearned during the year ended December 31, 2019.
Because the fair value of the outstanding market-based awards the day prior to and the day after the Spin-Off did not materially change, there was no change to unrecognized compensation expense and no incremental compensation expense related to the incremental shares.
Grant
date fair value of the market-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the time horizons matching the
performance periods. For market-based awards granted in 2020, significant
inputs for the calculation were expected volatility of the Company
of
25.2 % and expected volatility of the Company’s peers, ranging from 18.1 % to 27.3 %, with an average volatility of 21.7 %
and a risk-free interest rate of 1.07 %.
The projected shares to be awarded are not considered issued under the Amended Incentive Award Plan until the performance period has ended and the actual number of shares to be released is determined. The market-based shares and dividend rights are subject to forfeiture in the event of a
non-qualifying
termination of a participant prior to the performance period end date. During the year ended December 31, 2020, market-based awards with an aggregate fair value of $ 9.6 million vested. The fair value of the vesting was determined based on the Company’s closing stock price on the date of vest. Outstanding
non-vested
awards as of December 31, 2020 have a remaining weighted average recognition period of 1.7 years and would have resulted in 0.3 million shares released based on the Corporation’s TSR relative to the specified peer groups through that date.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
In addition, final shares issued under each market-based share award entitle its holder to a cash payment equal to the aggregate dividends declared with record dates during the performance period, beginning on the grant date and ending the day before the awards are released.
Approximately $
2.3
million and $
2.7
million in dividend rights have been accrued as of December
31
,
2020
and
2019
, respectively.
Stock-based Compensation Expense
For the years ended December 31, 2020, 2019 and 2018, the Company recognized $ 12.6 million, $ 14.3 million and $ 15.1 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of
operations. Stock-based compensation is recognized on a straight-line basis over the minimum required service period of each applicable award. As of
December 31, 2020, the remaining unamortized stock-based compensation expense totaled $ 12.3 million, comprised of $ 6.4 million related to restricted stock awards and $ 5.9
million related to market-based awards. As of December 31, 2019, the remaining unamortized stock-based compensation expense totaled $ 12.6 million, including $ 6.6 million related to restricted stock awards and $ 6.0 million related to market-based awards.
401(k) Plan
The Company has a 401(k) Plan, which is available to full-time employees on the first month following their date of hire with the Company. Currently, the Company provides a matching contribution equal to 100 % of elective deferrals up to 4 % of compensation, which vests immediately.
NOTE 10. INCOME PER SHARE AND PARTNERSHIP UNIT
Income per share and unit has been computed using the
two-class
method, which is computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In applying the
two-class
method, undistributed earnings are allocated to both shares of common stock and participating securities based on the weighted average shares outstanding during the period. Classification of the Company’s unvested restricted stock, which contain rights to receive nonforfeitable dividends, are deemed participating securities under the
two-class
method. Under the
two-class
method, earnings attributable to unvested restricted shares are deducted from income from continuing operations in the computation of net income attributable to common
stockholders.
1
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share and unit computed using the
two-class
method
(
dollars in thousands
):
Years Ended December 31,
2020
2019
2018
Basic and diluted income:
Income from continuing operations
$ 26,708 $ 175,266 $ 148,491
Less: dividends paid to preferred stockholders
( 10,350 ) ( 10,350 ) ( 10,352 )
Less: dividends attributable to unvested restricted stock
( 728 ) ( 915 ) ( 1,149 )
Income used in basic and diluted income per common share from continuing operations
15,630 164,001 136,990
Loss used in basic and diluted income per share from discontinued operations
— — ( 16,439 )
Net income attributable to common stockholders used in basic and diluted income per share
$ 15,630 $ 164,001 $ 120,551
Weighted average shares of common stock outstanding
104,656,242 91,005,932 86,682,015
Less: unvested weighted average shares of restricted stock
( 298,582 ) ( 384,124 ) ( 360,747 )
Basic weighted average shares of common stock outstanding
104,357,660 90,621,808 86,321,268
Net income per share attributable to common stockholders - basic
Continuing operations
$ 0.15 $ 1.81 $ 1.59
Discontinued operations
— — ( 0.19 )
Net income per share attributable to common stockholders - basic
$ 0.15 $ 1.81 $ 1.40
Dilutive shares related to unvested market-based awards
175,952 247,504 155,181
Dilutive shares related to unsettled forward equity contracts
1,772
—
—
Diluted weighted average shares of common stock outstanding
(1)
104,535,384 90,869,312 86,476,449
Net income per share attributable to common stockholders - diluted
Continuing operations
$ 0.15 $ 1.81 $ 1.58
Discontinued operations
— — ( 0.19 )
Net income per share attributable to common stockholders - diluted
$ 0.15 $ 1.81 $ 1.39
Potentially dilutive shares related to unvested restricted stock awards
62,448 166,625 89,230
(1)
Assumes the most dilutive issuance of potentially issuable shares between the
two-class
and treasury stock method unless the result would be anti-dilutive.
The Corporation intends to satisfy its exchange obligation for the principal amount of the 2021 Convertible Notes to the note holders entirely in cash; therefore, the
“if-converted”
method does not apply and the treasury stock method is being used. For the year ended December 31, 2020, the Corporation’s average stock price was below the conversion price, resulting in zero potentially dilutive shares related to the conversion spread of the 2021
Convertible Notes.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
NOTE 11. RELATED PARTY TRANSACTIONS
Cost Sharing Arrangements
In conjunction with the
Spin-Off,
the Company and SMTA entered into certain agreements, including the Separation and Distribution Agreement, Tax Matters Agreement, Registration Rights Agreement and Insurance Sharing Agreement. These agreements provided a framework for the relationship between the Company and SMTA after the
Spin-Off,
by which Spirit could incur certain expenses on behalf of SMTA that had to be reimbursed in a timely manner. These agreements, except for the Tax Matters Agreement, were terminated in conjunction with the termination of the Asset Management Agreement. The Tax Matters Agreement was terminated in conjunction with the termination of the Interim Management Agreement.
Asset Management Agreement and Interim Management Agreement
In conjunction with the
Spin-Off,
the Company entered into the Asset Management Agreement pursuant to which the Operating Partnership provided various management services to SMTA. On June 2, 2019, concurrently with SMTA’s entry into an agreement to sell Master Trust 2014, the Company entered into a termination agreement of the Asset Management Agreement, which became effective on September 20, 2019, pursuant to which SMTA paid the Company a termination fee of $ 48.2 million. On June 2, 2019, the Company and SMTA also entered into an Interim Management Agreement, which became effective September 20, 2019 and was subsequently terminated effective September 4, 2020. Asset management fees of $ 0.7 million, $ 14.7 million, $ 11.7 million were earned during the years ended December 31, 2020, 2019, and 2018, respectively, and are included in related party fee income in the consolidated statements of operations. Also, under the terms of the Asset Management Agreement, the Company recognized related party fee income of $ 0.9 million, which was fully offset by general and administrative expense, for other compensation awarded by SMTA to an employee of Spirit for the year ended December 31, 2019.
Property Management and Servicing Agreement
Prior to September 20, 2019, the Operating Partnership provided property management services and special services for Master Trust 2014. Property management fees of $ 4.2 million and special servicing fees of $ 1.2 million were earned for the year ended December 31, 2019. Property management fees of $ 3.7 million and special services fees of $ 0.5 million were earned for the year ended December 31, 2018. These fees are included in related party fee income in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the notes were retired and the Property Management and Servicing Agreement was terminated.
Related Party Loans Payable
Prior to September 20, 2019, wholly-owned subsidiaries of the Company were the borrower on four mortgage loans payable to SMTA and secured by six single-tenant commercial properties owned by the Company. The notes incurred interest expense of $ 0.2 million for both the years ended December 31, 2019 and 2018, which is included in interest expense in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the Company repaid the related party loans in full.
Related Party Notes Receivable
The Operating Partnership, as sponsor of the issuance, retained a 5.0 % economic interest in the Master Trust 2014 Series
2017-1
notes as required by the risk retention rules issued under 17 CFR Part 246. The notes generated interest income of $ 1.1 million and $ 0.9 million for the years ended December 31, 2019 and 2018, respectively, which is included in interest income on loans receivable in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the Master Trust 2014 notes were redeemed, resulting in the Company receiving the full outstanding principal balance of $ 33.5 million, plus an early repayment premium of $ 0.9
million.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
Investments in SMTA
In conjunction with the
Spin-Off,
SMTA issued to the Operating Partnership and one of its affiliates, both wholly-owned subsidiaries of Spirit, a total of 6.0 million shares of Series A preferred stock with an aggregate liquidation preference of $ 150.0 million (the “SMTA Preferred Stock”). The SMTA Preferred Stock paid cash dividends at the rate of 10.0 % per annum on the liquidation preference of $ 25.00 per share. Spirit recognized $ 10.8 million and $ 8.8 million in dividends during the years ended December 31, 2019 and 2018, respectively, that are reflected as preferred dividend income from SMTA in the consolidated statements of operations. On September 20, 2019, in conjunction with SMTA’s sale of Master Trust 2014, the SMTA Preferred Stock was repurchased by SMTA.
NOTE 12. DISCONTINUED OPERATIONS
On May 31, 2018, the Company completed the
Spin-Off
of SMTA by means of a pro rata share distribution. The Company determined that the
Spin-Off
represented a strategic shift that had a major effect on the Company’s results and, therefore, SMTA’s operations qualified as discontinued operations. Accordingly, the operations of SMTA prior to the
Spin-Off
have been classified as a loss from discontinued operations on the consolidated statements of operations for the year ended December 31, 2018. The consolidated statements of cash flows and all other notes herein include the results of both continuing operations and discontinued operations, as applicable.
Goodwill was allocated to SMTA based on the fair value of SMTA relative to the total fair value of the Company, resulting in a reduction in goodwill of the Company of $ 28.7 million as a result of the
Spin-Off.
This reduction in the Company’s goodwill is reflected in the SMTA dividend distribution in the accompanying consolidated statement of stockholders’ equity and consolidated statement of partners’ capital.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
The table below provides information about income and expenses related to the Company’s discontinued operations reported in its consolidated statements of operations:
(in thousands)
Year Ended
December 31, 2018
Revenues:
Rental income
$ 100,672
Interest income on loans receivable
1,495
Other income
776
Total revenues
102,943
Expenses:
General and administrative
264
Transaction costs
21,391
Property costs (including reimbursable)
3,711
Deal pursuit costs
339
Interest
46,521
Depreciation and amortization
35,461
Impairments
10,943
Total expenses
118,630
Other loss:
Loss on debt extinguishment
( 363 )
Loss on disposition of assets
( 274 )
Total other loss
( 637 )
Loss from discontinued operations before income tax expense
( 16,324 )
Income tax expense
( 115 )
Loss from discontinued operations
$ ( 16,439 )
There were no discontinued operations included in the consolidated statement of operations for the years ended December 31, 2020 and 2019 or for the balance sheets presented herein as of December 31, 2020 and 2019.
The table below provides information about operating and investing cash flows related to the Company’s discontinued operations reported in its consolidated statements of cash flows:
Year Ended December 31,
(in thousands)
2018
Net cash provided by operating activities
$ 35,163
Net cash used in investing activities
( 31,544 )
Continuing Involvement
From the
Spin-Off
through September 4, 2020, the Company had continuing involvement with SMTA through related party agreements. See Note 11 for further detail. The Company had cash inflows from SMTA of $ 1.1 million and cash outflows to SMTA of $ 1.4 million for the year ended December 31, 2020. The Company had cash inflows from SMTA of $ 273.0 million and cash outflows to SMTA of $ 49.9 million for the year ended December 31, 2019. The Company had cash inflows from SMTA of $ 24.1 million and cash outflows to SMTA of $ 49.8 million for the
year
ended December 31, 2018.
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Notes to Consolidated Financial Statements - (continued)
December 31, 2020
NOTE 13. INCOME TAXES
The Company’s total income tax expense was as follows (in thousands):
Years Ended December 31,
2020
2019
2018
State income tax
$
128
$ 1,327 $ 785
Federal income tax
145
10,174 122
Total income tax expense
$ 273 $ 11,501 $ 907
The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on a partnership. The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities, which are recorded within accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets, were immaterial at December 31, 2020, 2019 and 2018.
The Operating Partnership transferred its rights and obligations under the Asset Management Agreement to SRAM, a wholly-owned taxable REIT subsidiary of Spirit, on April 1, 2019. This agreement was subsequently terminated and simultaneously replaced by the Interim Management Agreement between SRAM and SMTA, effective from September 20, 2019 through September 4, 2020. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020, including the termination fee income earned in September 2019, were subject to income tax.
The Operating Partnership allocated personnel and other general and administrative costs to SRAM for management services provided to SMTA, including services provided in connection with SMTA’s sale of Master Trust 2014 on September 20, 2019. The federal income tax related to SRAM for the year ended December 31, 2019 was $ 10.2 million and the state income tax for the year ended December 31, 2019 was $ 0.7 million. Income tax expense for SRAM attributable to income before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate of 21 % to income before income taxes. The difference between the statutory rate and reported amount for SRAM is caused by
non-deductible
executive compensation expenses totaling $ 0.6 million and the impact of state income taxes, net of federal income tax benefit, totaling $ 0.6 million.
To the extent that the Company acquires property that has been owned by a C corporation in a transaction in which the tax basis of the property carries over, and the Company recognizes a gain on the disposition of such property during the subsequent recognition period, it will be required to pay tax at the regular corporate tax rate to the extent of such
built-in
gain. No properties subject to state
built-in
gain tax were sold during 2020 or 2019.
The Corporation has federal net operating loss carry-forwards for income tax purposes totaling $ 66.1 million for each of the years ended December 31, 2020, 2019 and 2018. These losses, which begin to expire in 2027 through 2034, are available to reduce future taxable income or distribution requirements, subject to certain ownership change limitations. The Corporation intends to make annual distributions at least equal to its taxable income and thus does not expect to utilize its net operating loss carryforwards in the foreseeable future.
The Company files federal, state and local income tax returns. All federal tax returns for years prior to 2017 are no longer subject to examination. Additionally, state tax returns for years prior to 2016 are generally no longer subject to examination. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest
expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2020, 2019 and 2018. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each
matter.
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
For the years ended December 31, 2020, 2019 and 2018, common stock dividends paid were characterized for tax as follows (per share):
Years Ended December 31,
2020
2019
2018
(1)
Ordinary income
$
1.80
$ 1.94 $ 2.63
Return of capital
0.70
0.05 0.22
Capital gain
— 0.51 5.16
Total
$ 2.50 $ 2.50 $ 8.01
(1)
Includes stock distribution related to the
Spin-Off
of SMTA of $ 4.68 per share.
NOTE 14. CONSOLIDATED QUARTERLY FINANCIAL DATA
The following table sets forth certain unaudited consolidated financial information for each of the four quarters included in the years ended December 31, 2020 and 2019 (in thousands, except share and per share data):
2020
First
Second
Third
Fourth
(Unaudited)
Quarter
Quarter
Quarter
Quarter
Year
Total revenues
$ 122,720 $ 118,524 $ 113,741 $ 128,632 $ 483,617
Depreciation and amortization
( 52,236 ) ( 53,160 ) ( 52,170 ) ( 55,054 ) ( 212,620 )
Interest
( 25,359 ) ( 26,095 ) ( 26,404 ) ( 26,307 ) ( 104,165 )
Other expenses
( 61,360 ) ( 40,340 ) ( 24,880 ) ( 30,473 ) ( 157,053 )
(
Loss
)
gain on debt extinguishment
— — ( 7,252 ) 25 ( 7,227 )
Gain on disposition of assets
388 658 10,763 12,347 24,156
Net (loss) income
( 15,847 ) ( 413 ) 13,798 29,170 26,708
Dividends paid to preferred stockholders ( 2,588 ) ( 2,588 ) ( 2,587 ) ( 2,587 ) ( 10,350 )
Net (loss) income attributable to common stockholders and partners $ ( 18,435 ) $ ( 3,001 ) $ 11,211 $ 26,583 $ 16,358
Net (loss) income per share attributable to common stockholders and partners - basic $ ( 0.18 ) $ ( 0.03 ) $ 0.11 $ 0.24 $ 0.15
Net (loss) income per share attributable to common stockholders and partners - diluted $ ( 0.18 ) $ ( 0.03 ) $ 0.11 $ 0.24 $ 0.15
Dividends declared per common share and partnership unit $ 0.6250 $ 0.6250 $ 0.6250 $ 0.6250 $ 2.500
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SPIRIT REALTY CAPITAL, INC. and SPIRIT REALTY, L.P.
Notes to Consolidated Financial Statements - (continued)
December 31, 2020
2019
First
Second
Third
Fourth
(Unaudited)
Quarter
Quarter
Quarter
Quarter
Year
Total revenues
$ 112,593 $ 115,745 $ 166,947 $ 121,142 $ 516,427
Depreciation and amortization
( 41,349 ) ( 41,342 ) ( 43,907 ) ( 48,867 ) ( 175,465 )
Interest
( 26,611 ) ( 25,176 ) ( 24,675 ) ( 24,598 ) ( 101,060 )
Other expenses
( 22,318 ) ( 22,340 ) ( 47,047 ) ( 28,253 ) ( 119,958 )
Gain (loss) on debt extinguishment
8,783 ( 14,676 ) ( 5,580 ) ( 2,857 ) ( 14,330 )
Gain (loss) on disposition of assets
8,730 29,776 32,254 ( 11,910 ) 58,850
Preferred dividend income from SMTA
3,750 3,750 3,302 — 10,802
Net income
43,578 45,737 81,294 4,657 175,266
Dividends paid to preferred stockholders
( 2,588 ) ( 2,588 ) ( 2,587 ) ( 2,587 ) ( 10,350 )
Net income attributable to common stockholders and partners $ 40,990 $ 43,149 $ 78,707 $ 2,070 $ 164,916
Net income per share attributable to common stockholders and partners - basic $ 0.48 $ 0.49 $ 0.87 $ 0.02 $ 1.81
Net income per share attributable to common stockholders and partners - diluted $ 0.48 $ 0.49 $ 0.87 $ 0.02 $ 1.81
Dividends declared per common share and partnership unit $ 0.6250 $ 0.6250 $ 0.6250 $ 0.6250 $ 2.500
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Table of Contents
PART III
Item 9.     Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
SPIRIT REALTY CAPITAL, INC.
Evaluation of Disclosure Controls and Procedures
An evaluation was performed under the supervision and with the participation of Spirit Realty Capital, Inc.’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness as of December 31, 2020 of the design and operation of Spirit Realty Capital, Inc.’s disclosure controls and procedures as defined in Rule
13a-15(e)
and
15d-15(e)
under the Exchange Act. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded, as of December 31, 2020, that the design and operation of these disclosure controls and procedures were effective at the reasonable assurance level.
Management’s Report on Internal Control over Financial Reporting
Management, including the Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting for Spirit Realty Capital, Inc. Management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - 2013 Integrated Framework to assess the effectiveness of Spirit Realty Capital, Inc.’s internal control over financial reporting. Based upon the assessments, the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2020, internal control over financial reporting was effective at the reasonable assurance level.
Ernst & Young LLP, Spirit Realty Capital, Inc.’s independent registered public accounting firm, audited Spirit Realty Capital, Inc.’s financial statements included in this Annual Report on Form
10-K
and has issued an attestation report on Spirit Realty Capital, Inc.’s effectiveness of internal control over financial reporting, which appears in this Annual Report on Form
10-K.
Changes in Internal Control over Financial Reporting
There were no changes to Spirit Realty Capital, Inc.’s internal control over financial reporting (as defined in Rule
13a-15(e)
and
15d-15(e)
under the Exchange Act) that occurred during the quarter ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, Spirit Realty Capital, Inc.’s internal control over financial reporting.
SPIRIT REALTY, L.P.
Evaluation of Disclosure Controls and Procedures
An evaluation was performed under the supervision and with the participation of Spirit Realty, L.P.’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness as of December 31, 2020 of the design and operation of Spirit Realty, L.P.’s disclosure controls and procedures as defined in Rule
13a-15(e)
and
15d-15(e)
under the Exchange Act. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded, as of December 31, 2020, that the design and operation of these disclosure controls and procedures were effective at the reasonable assurance level.
Management’s Report on Internal Control over Financial Reporting
Management, including the Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting for Spirit Realty, L.P. Management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - 2013
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Integrated Framework to assess the effectiveness of Spirit Realty, L.P.’s internal control over financial reporting. Based upon the assessments, the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2020, internal control over financial reporting was effective at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There were no changes to Spirit Realty, L.P.’s internal control over financial reporting (as defined in Rule
13a-15(e)
and
15d-15(e)
under the Exchange Act) that occurred during the quarter ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, Spirit Realty, L.P.’s internal control over financial reporting.
INHERENT LIMITATIONS ON EFFECTIVENESS OF CONTROLS
Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Item 9B. Other Information
None.
Item 10. Directors, Executive Officers and Corporate Governance
The information concerning our directors and executive officers required by Item 10 will be included in the Proxy Statement to be filed relating to our 2021 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 11. Executive Compensation
The information concerning our executive compensation required by Item 11 will be included in the Proxy Statement to be filed relating to our 2021 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information concerning our security ownership of certain beneficial owners and management and related stockholder matters (including equity compensation plan information) required by Item 12 will be included in the Proxy Statement to be filed relating to our 2021 Annual Meeting of Stockholders and is incorporated herein by reference.
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Table of Contents
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information concerning certain relationships, related transactions and director independence required by Item 13 will be included in the Proxy Statement to be filed relating to our 2021 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 14. Principal Accountant Fees and Services
The information concerning our principal accounting fees and services required by Item 14 will be included in the Proxy Statement to be filed relating to our 2021 Annual Meeting of Stockholders and is incorporated herein by reference.
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Table of Contents
PART IV
Item 15.    Exhibits, Financial Statement Schedules
(a)(1) and (2)
Financial Statements and Schedules
. The following documents are filed as a part of this report (see Item 8):
Reports of Independent Registered Public Accounting Firm.
Consolidated Balance Sheets as of December 31, 2020 and 2019.
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 and 2018.
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019 and 2018.
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2020, 2019 and 2018.
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 and 2018.
Notes to Consolidated Financial Statements.
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2020.
Schedule IV - Mortgage Loans on Real Estate as of December 31, 2020.
All other schedules are omitted since the required information is not present in amounts sufficient to require submission of the schedule or because the information required is included in the financial statements and the notes thereto.
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Table of Contents
(b)
Exhibits
.
Exhibit No.
Description
2.1 Agreement and Plan of Merger by and among Spirit Realty Capital, Inc., Spirit Realty, L.P., Cole Credit Property Trust II, Inc., and Cole Operating Partnership II, LP, dated January 22, 2013, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K on January 24, 2013 and incorporated herein by reference.
2.2 First Amendment to Agreement and Plan of Merger by and among Spirit Realty Capital, Inc., Spirit Realty, L.P., Cole Credit Property Trust II, Inc., and Cole Operating Partnership II, LP, dated May 8, 2013, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K on May 9, 2013 and incorporated herein by reference.
2.3 Articles of Merger by and between Spirit Realty Capital, Inc. and Spirit Realty Capital, Inc. and the Amended and Restated Charter of Spirit Realty Capital, Inc. attached thereto as Exhibit A filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
2.4 Separation and Distribution Agreement by and between Spirit Realty Capital, Inc. and Spirit MTA REIT, dated May 21, 2018, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K on May 24, 2018 and incorporated herein by reference.
3.1 Articles of Restatement of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company’s Registration Statement on Form S-3 on November 8, 2013 and incorporated herein by reference.
3.2 Articles of Amendment of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company’s Form 8-K on May 13, 2014 and incorporated herein by reference.
3.3 Articles Supplementary of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on March 3, 2017 and incorporated herein by reference.
3.4 Fifth Amended and Restated Bylaws of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company’s Form 8-K on August 15, 2017 and incorporated herein by reference.
3.5 Second Amended and Restated Agreement of Limited Partnership of Spirit Realty, L.P. filed as Exhibit 3.1 to the Operating Partnership’s Form 8-K on October 3, 2017 and incorporated herein by reference.
3.6 Articles Supplementary designating Spirit Realty Capital, Inc.’s 6.000% Series A Cumulative Redeemable Preferred Stock filed as Exhibit 3.4 to the Company’s Registration Statement on Form 8-A on October 2, 2017 and incorporated herein by reference.
3.7 Certificate of Limited Partnership of Spirit Realty, L.P. dated September 25, 2012, filed as Exhibit 4.5 to the Company’s Form S-4 on March 20, 2017 and incorporated herein by reference.
3.8 Articles of Amendment of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company’s Form 8-K on April 29, 2019 and incorporated herein by reference.
4.1 Form of Certificate for Common Stock of Spirit Realty Capital, Inc. filed as Exhibit 4.1 to the Company’s Registration Statement on Form S-4/A on March 29, 2013 and incorporated herein by reference.
4.2 Form of Certificate for Spirit Realty Capital, Inc.’s 6.000% Series A Cumulative Redeemable Preferred Stock filed as Exhibit 3.6 to the Company’s Registration Statement on Form 8-A on October 2, 2017 and incorporated herein by reference.
4.3 Indenture between the Spirit Realty Capital, Inc. and Wilmington Trust, National Association, dated May 20, 2014, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K on May 20, 2014 and incorporated herein by reference.
4.4 Second Supplemental Indenture by and between Spirit Realty Capital, Inc. and Wilmington Trust, National Association (including the form of 3.75% Convertible Senior Note due 2021), dated May 20, 2014, filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K on May 20, 2014 and incorporated herein by reference.
4.5 Indenture among Spirit Realty, L.P. and U.S. Bank, National Association, dated as of August 18, 2016, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K on August 19, 2016 and incorporated herein by reference.
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Table of Contents
Exhibit No.
Description
4.6 First Supplemental Indenture among Spirit Realty, L.P., Spirit Realty Capital, Inc. and U.S. Bank, National Association, including the form of the Notes and the guarantee, dated as of August 18, 2016, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on August 19, 2016 and incorporated herein by reference.
4.7 Second Supplemental Indenture among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, including the form of the Notes and the guarantee, dated as of June 27, 2019, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on June 27, 2019 and incorporated herein by reference.
4.8 Third Supplemental Indenture among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, dated as of September 16, 2019, including the form of the Notes and the guarantee, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on September 16, 2019 and incorporated herein by reference.
4.9 Fourth Supplemental Indenture among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, dated as of September 16, 2019, including the form of the Notes and the guarantee, filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K on September 16, 2019 and incorporated herein by reference.
4.10 Fifth Supplemental Indenture, dated as of August 6, 2020, among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, including the form of the Notes and the Guarantee, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on August 6, 2020 and incorporated herein by reference.
4.11 Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, filed as Exhibit 4.11 to the Company’s Annual Report on Form 10-K on February 25, 2020 and incorporated herein by reference.
10.1
#
Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan filed as Appendix A within the Company’s Definitive Proxy Statement on Schedule 14A on April 11, 2016 and incorporated herein by reference.
10.2
#
Amendment to the Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, dated March 2, 2017, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on March 3, 2017 and incorporated herein by reference.
10.3
#
Second Amendment to the Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, dated March 2, 2017, filed as Exhibit 10.3 to the Company’s Annual Report on Form 10-K on February 25, 2020 and incorporated herein by reference.
10.4
#
Third Amendment to the Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, dated May 20, 2019, filed as Exhibit 10.4 to the Company’s Annual Report on Form 10-K on February 25, 2020 and incorporated herein by reference.
10.5
#
Form of 2012 Incentive Award Plan Restricted Stock Award Grant Notice and Agreement filed as Exhibit 10.8 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
10.6
#
Form of Performance Share Award Agreement filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K on August 6, 2013 and incorporated herein by reference.
10.7
#
Form of Indemnification Agreement of Spirit Realty Capital, Inc. filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
10.8
#
Second Amended and Restated Employment Agreement among Spirit Realty Capital, Inc. and Jackson Hsieh, dated February 27, 2020, filed as Exhibit 10.1 to the Company’s Form 8-K on March 2, 2020 and incorporated herein by reference.
10.9
#
Restricted Stock Award Agreement between Spirit Realty Capital, Inc. and Jackson Hsieh filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K on July 25, 2017 and incorporated herein by reference.
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Table of Contents
Exhibit No.
Description
10.10
#
Performance Share Award Agreement between Spirit Realty Capital, Inc. and Jackson Hsieh filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K on July 25, 2017 and incorporated herein by reference.
10.11
#
Employment Agreement among Spirit Realty Capital, Inc. and Michael Hughes, dated March 20, 2018, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on March 21, 2018 and incorporated herein by reference.
10.12
#
Amendment to Employment Agreement, dated February 27, 2020, by and between Spirit Realty Capital, Inc. and Michael Hughes, filed as Exhibit 10.2 to the Company’s Form 8-K on March 2, 2020 and incorporated herein by reference.
10.13
#
Restricted Stock Award Agreement between Spirit Realty Capital, Inc. and Michael Hughes dated March 29, 2018, filed as Exhibit 10.17 to the Company’s Annual Report on Form 10-K on February 25, 2020 and incorporated herein by reference.
10.14
#
Performance Share Award Agreement between Spirit Realty Capital, Inc. and Michael Hughes dated March 29, 2018, filed as Exhibit 10.18 to the Company’s Annual Report on Form 10-K on February 25, 2020 and incorporated herein by reference.
10.15
#
Amended and Restated Employment Agreement among Spirit Realty Capital, Inc. and Jay Young, dated April 3, 2018, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on April 6, 2018 and incorporated herein by reference.
10.16
#
Amendment to Amended and Restated Employment Agreement, dated February 27, 2020, by and between Spirit Realty Capital, Inc. and Jay Young, filed as Exhibit 10.3 to the Company’s Form 8-K on March 2, 2020 and incorporated herein by reference.
10.17
#
Employment Agreement among Spirit Realty Capital, Inc. and Kenneth Heimlich dated April 3, 2018, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K on April 6, 2018 and incorporated herein by reference.
10.18
#
Amendment to Employment Agreement, dated February 27, 2020, by and between Spirit Realty Capital, Inc. and Kenneth Heimlich, filed as Exhibit 10.4 to the Company’s Form 10-K on March 2, 2020 and incorporated herein by reference.
10.19 Director Compensation Program of Spirit Realty Capital, Inc. dated August 16, 2018 filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on August 22, 2018 and incorporated herein by reference.
10.20 Revolving Credit and Term Loan Agreement among Spirit Realty L.P., JPMorgan Chase Bank, N.A., as administrative agent and the financial institutions party thereto as lenders from time to time, dated January 14, 2019, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on January 14, 2019 and incorporated herein by reference.
10.21 Guaranty between Spirit Realty Capital, Inc. and JPMorgan Chase Bank, N.A., and acknowledged by Spirit Realty L.P., dated January 14, 2019, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K on January 14, 2019 and incorporated herein by reference.
10.22 Term Loan Agreement among Spirit Realty, L.P., JPMorgan Chase Bank, N.A., as administrative agent and the financial institutions party thereto as lenders from time to time, dated April 2, 2020, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on April 7, 2020 and incorporated herein by reference.
10.23 Guaranty between Spirit Realty Capital, Inc. and JPMorgan Chase Bank, N.A, and acknowledged by Spirit Realty, L.P., dated April 2, 2020, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K on April 7, 2020 and incorporated herein by reference.
10.24 Amendment No. 1 to Term Loan Agreement among Spirit Realty, L.P., JPMorgan Chase Bank, N.A., as administrative agent and the financial institutions party thereto as lenders from time to time, dated May 5, 2020, filed as Exhibit 10.3 to the Company’s Form 10-Q on July 31, 2020 and incorporated herein by reference.
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Exhibit No.
Description
10.25 Amendment No. 2 to Term Loan Agreement among Spirit Realty, L.P., JPMorgan Chase Bank, N.A., as administrative agent and the financial institutions party thereto as lenders from time to time, dated May 5, 2020, filed as Exhibit 10.4 to the Company’s Form 10-Q on July 31, 2020 and incorporated herein by reference.
10.26 Amendment No. 3 to Term Loan Agreement among Spirit Realty, L.P., JPMorgan Chase Bank, N.A., as administrative agent and the financial institutions party thereto as lenders from time to time, dated May 5, 2020, filed as Exhibit 10.4 to the Company’s Form 10-Q on July 31, 2020 and incorporated herein by reference.
10.27 Loan Agreement, between German American Capital Corporation and Spirit SPE Loan Portfolio 2013-2, LLC, dated July 17, 2013, filed as Exhibit 10.5 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
10.28 Guaranty of Recourse Obligations of Borrower, by Spirit Realty, L.P. in favor of German American Capital Corporation, dated July 17, 2013, filed as Exhibit 10.6 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
10.29 Loan Agreement, between Barclays Bank PLC and Spirit SPE Loan Portfolio 2013-3, LLC, dated July 17, 2013, filed as Exhibit 10.7 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
10.31 Guaranty of Recourse Obligations of Borrower by Spirit Realty, L.P. in favor of Barclays Bank PLC, dated July 17, 2013, filed as Exhibit 10.8 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
21.1* List of Subsidiaries of Spirit Realty Capital, Inc. as of December 31, 2020.
23.1* Consent of Ernst & Young LLP, Spirit Realty Capital, Inc.’s Independent Registered Accounting Firm.
23.2* Consent of Ernst & Young LLP, Spirit Realty L.P.’s Independent Registered Accounting Firm.
31.1* Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Spirit Realty Capital, Inc.
31.2* Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Spirit Realty Capital, Inc.
31.3* Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Spirit Realty, L.P.
31.4* Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Spirit Realty, L.P.
32.1* Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Spirit Realty Capital, Inc.
32.2* Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Spirit Realty, L.P.
101.1* The following financial information from Spirit Realty Capital, Inc.’s Annual Report on Form
10-K
for the year ended December 31, 2020, formatted in inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements.
104.1* Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
* Filed herewith.
#
Management contract or compensatory plan or arrangement.
Item 16. Form 10-K Summary
None.
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SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
24 Hour Fitness Lancaster, CA (b) 6,982 9,255 ( 3,817 ) ( 5,674 ) 3,165 3,581 6,746 ( 150 ) 1987 5/7/2015 4 to 25 Years
Aaron’s Okeechobee, FL (b) 409 1,298 — — 409 1,298 1,707 ( 292 ) 2006 7/17/2013 10 to 47 Years
Aaron’s Navasota, TX (b) 322 868 — — 322 868 1,190 ( 246 ) 2007 7/17/2013 10 to 44 Years
Aaron’s Essex, MD (b) 294 1,973 — — 294 1,973 2,267 ( 372 ) 1998 7/17/2013 10 to 45 Years
Aaron’s Clanton, AL (b) 350 816 — — 350 816 1,166 ( 213 ) 2007 7/17/2013 10 to 46 Years
Aaron’s Griffin, GA (b) 459 1,322 — — 459 1,322 1,781 ( 307 ) 2007 7/17/2013 10 to 49 Years
Aaron’s Beeville, TX (b) 101 1,814 — — 101 1,814 1,915 ( 331 ) 2004 7/17/2013 10 to 45 Years
Aaron’s Mineral Wells, TX (b) 448 878 — — 448 878 1,326 ( 248 ) 2008 7/17/2013 10 to 42 Years
Aaron’s Largo, FL (b) 758 1,025 — — 758 1,025 1,783 ( 272 ) 1999 7/17/2013 9 to 36 Years
Aaron’s Mansfield, TX (b) 859 599 — — 859 599 1,458 ( 231 ) 2007 7/17/2013 10 to 34 Years
Aaron’s Charlotte, NC (b) 371 598 — — 371 598 969 ( 266 ) 1957 7/17/2013 8 to 25 Years
Aaron’s Alamogordo, NM (b) 476 560 — — 476 560 1,036 ( 240 ) 2006 7/17/2013 8 to 40 Years
Aaron’s Wichita, KS (b) 236 741 — — 236 741 977 ( 176 ) 1990 7/17/2013 10 to 42 Years
Aaron’s Grovetown, GA (b) 425 933 — — 425 933 1,358 ( 250 ) 2007 7/17/2013 10 to 45 Years
Aaron’s Calumet City, IL (b) 393 949 — — 393 949 1,342 ( 295 ) 1977 7/17/2013 9 to 32 Years
Aaron’s Harrisonville, MO (b) 316 466 — — 316 466 782 ( 218 ) 1996 7/17/2013 8 to 33 Years
Aaron’s Chiefland, FL (b) 376 1,206 — — 376 1,206 1,582 ( 306 ) 2007 7/17/2013 10 to 47 Years
Aaron’s Sandersville, GA (b) 503 751 — — 503 751 1,254 ( 230 ) 2006 7/17/2013 10 to 45 Years
Aaron’s Shreveport, LA (b) 374 490 — — 374 490 864 ( 269 ) 2001 7/17/2013 10 to 31 Years
Aaron’s Baton Rouge, LA (b) 328 996 — — 328 996 1,324 ( 276 ) 1999 7/17/2013 10 to 40 Years
Aaron’s Sweetwater, TX (b) 415 1,097 — — 415 1,097 1,512 ( 277 ) 2006 7/17/2013 10 to 47 Years
Aaron’s Anderson, SC (b) 351 966 — — 351 966 1,317 ( 234 ) 1992 7/17/2013 10 to 41 Years
Aaron’s Rome, NY (b) 436 699 — — 436 699 1,135 ( 275 ) 1996 7/17/2013 10 to 28 Years
Aaron’s Hartsville, SC (b) 536 813 — — 536 813 1,349 ( 348 ) 2007 7/17/2013 10 to 37 Years
Aaron’s Forrest City, AR (b) 331 860 — — 331 860 1,191 ( 206 ) 2002 7/17/2013 10 to 45 Years
Aaron’s Wilton, NY (b) 1,348 2,165 — — 1,348 2,165 3,513 ( 1,150 ) 2000 7/17/2013 8 to 27 Years
Academy Sports + Outdoors Lufkin, TX (a) 1,922 2,735 — — 1,922 2,735 4,657 ( 1,046 ) 2003 7/17/2013 9 to 30 Years
Academy Sports + Outdoors North Richland Hills, TX (b) 1,950 5,451 — — 1,950 5,451 7,401 ( 833 ) 1996 7/17/2013 30 to 30 Years
Academy Sports + Outdoors Macon, GA (b) 1,921 4,890 — — 1,921 4,890 6,811 ( 1,725 ) 2005 7/17/2013 10 to 30 Years
Academy Sports + Outdoors Clarksville, TN (b) 2,134 5,871 — — 2,134 5,871 8,005 — 2014 12/16/2020 11 to 36 Years
Academy Sports + Outdoors Douglasville, GA (b) 1,527 7,313 — — 1,527 7,313 8,840 — 2014 12/16/2020 11 to 36 Years
Academy Sports + Outdoors Flowood, MS (b) 1,349 7,085 — — 1,349 7,085 8,434 — 2014 12/16/2020 11 to 36 Years
Academy Sports + Outdoors Lake Charles, LA (b) 1,748 6,480 — — 1,748 6,480 8,228 — 2015 12/29/2020 13 to 32 Years
Accel International Meridian, CT (b) 1,766 7,848 — — 1,766 7,848 9,614 ( 1,911 ) 1997 12/17/2014 15 to 30 Years
Accel International Avila, IN (b) 642 4,958 — — 642 4,958 5,600 ( 1,140 ) 1990 12/17/2014 15 to 30 Years
Advance Auto Parts Holland Charter Township, MI (b) 493 1,212 — — 493 1,212 1,705 ( 267 ) 2005 7/17/2013 7 to 47 Years
11
8
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Advance Auto Parts Holland, MI (b) 542 1,384 — — 542 1,384 1,926 ( 320 ) 2005 7/17/2013 7 to 47 Years
Advance Auto Parts Zeeland, MI (b) 490 1,136 — — 490 1,136 1,626 ( 271 ) 2005 7/17/2013 7 to 47 Years
Advance Auto Parts Columbia Heights, MN (b) 510 1,314 — — 510 1,314 1,824 ( 312 ) 2006 7/17/2013 7 to 43 Years
Advance Auto Parts Duluth, MN (b) 207 1,462 — — 207 1,462 1,669 ( 282 ) 2006 7/17/2013 7 to 48 Years
Advance Auto Parts Rainsville, AL (b) 251 1,073 — — 251 1,073 1,324 ( 289 ) 2005 7/17/2013 7 to 42 Years
Advance Auto Parts Grand Bay, AL (b) 226 1,242 — — 226 1,242 1,468 ( 271 ) 2005 7/17/2013 7 to 47 Years
Advance Auto Parts Hurley, MS (b) 265 1,052 — — 265 1,052 1,317 ( 272 ) 2006 7/17/2013 7 to 45 Years
Advance Auto Parts Ashland, KY (b) 613 1,284 — — 613 1,284 1,897 ( 326 ) 2006 7/17/2013 8 to 48 Years
Advance Auto Parts Jackson, OH (b) 397 1,251 — — 397 1,251 1,648 ( 302 ) 2005 7/17/2013 7 to 47 Years
Advance Auto Parts New Boston, OH (b) 345 1,538 — — 345 1,538 1,883 ( 320 ) 2005 7/17/2013 7 to 47 Years
Advance Auto Parts Maryland Heights, MO (b) 522 1,155 — — 522 1,155 1,677 ( 287 ) 2005 7/17/2013 7 to 47 Years
Advance Auto Parts Scottsburg, IN (b) 238 665 — — 238 665 903 ( 180 ) 2006 7/17/2013 8 to 43 Years
Advance Auto Parts Charlotte, NC (b) 403 1,146 — — 403 1,146 1,549 ( 327 ) 2008 7/17/2013 12 to 43 Years
Advance Auto Parts Irvington, NJ (b) 1,605 1,912 — — 1,605 1,912 3,517 ( 466 ) 2006 7/17/2013 7 to 47 Years
Advance Auto Parts Midwest City, OK (b) 353 815 — — 353 815 1,168 ( 233 ) 2007 7/17/2013 9 to 44 Years
Advance Auto Parts Penns Grove, NJ (b) 612 1,564 — — 612 1,564 2,176 ( 361 ) 2006 7/17/2013 8 to 47 Years
Advance Auto Parts St. Francis, WI (b) 532 1,557 — — 532 1,557 2,089 ( 395 ) 2006 7/17/2013 8 to 48 Years
Advance Auto Parts Willingboro, NJ (b) 784 1,369 — — 784 1,369 2,153 ( 388 ) 2007 7/17/2013 9 to 47 Years
Advance Auto Parts Dunellen, NJ (b) 1,177 1,973 — — 1,177 1,973 3,150 ( 408 ) 2008 7/17/2013 10 to 48 Years
Advance Auto Parts Natchez, MS (b) 509 754 — — 509 754 1,263 ( 122 ) 1998 7/22/2016 7 to 40 Years
Advance Auto Parts Burlington, IA (b) 467 737 — — 467 737 1,204 ( 121 ) 1989 7/22/2016 7 to 40 Years
Advance Auto Parts Denmark, SC (b) 439 504 — — 439 504 943 ( 125 ) 1996 7/22/2016 7 to 30 Years
Advance Auto Parts Griffin, GA (b) 441 1,142 — — 441 1,142 1,583 ( 172 ) 1998 7/22/2016 7 to 50 Years
Advance Auto Parts Waynesboro, GA (b) 330 1,015 — — 330 1,015 1,345 ( 149 ) 1995 7/22/2016 7 to 50 Years
Advance Auto Parts Wiggins, MS (b) 279 630 — — 279 630 909 ( 128 ) 1965 7/22/2016 7 to 30 Years
Advance Auto Parts Blakeley, GA (b) 169 887 — — 169 887 1,056 ( 121 ) 1995 7/22/2016 7 to 50 Years
Advance Auto Parts Theodore, AL (b) 549 755 — — 549 755 1,304 ( 142 ) 1996 7/22/2016 7 to 40 Years
Advance Auto Parts Margate, FL (b) 480 507 — — 480 507 987 ( 99 ) 1991 7/22/2016 7 to 40 Years
Advance Auto Parts Atmore, AL (b) 417 444 — — 417 444 861 ( 120 ) 1995 7/22/2016 7 to 30 Years
Advance Auto Parts Clinton, MS (b) 569 693 — — 569 693 1,262 ( 153 ) 1998 7/22/2016 7 to 30 Years
Advance Auto Parts Richmond Hill, GA (b) 418 701 — — 418 701 1,119 ( 150 ) 1995 7/22/2016 7 to 30 Years
Advance Auto Parts Alton, IL (b) 346 553 — — 346 553 899 ( 132 ) 1997 7/22/2016 7 to 30 Years
Advance Auto Parts Kingsland, GA (b) 1,037 997 — — 1,037 997 2,034 ( 166 ) 1998 7/22/2016 7 to 40 Years
Advance Auto Parts Dayton, OH (b) 317 572 — — 317 572 889 ( 119 ) 1998 7/22/2016 7 to 30 Years
Advance Auto Parts Camilla, GA (b) 419 412 — — 419 412 831 ( 99 ) 1995 7/22/2016 7 to 30 Years
Advance Auto Parts St. Louis, MO (b) 607 505 — — 607 505 1,112 ( 130 ) 1997 7/22/2016 7 to 30 Years
11
9
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Advance Auto Parts Covington, LA (b) 507 426 — — 507 426 933 ( 117 ) 1998 7/22/2016 7 to 30 Years
Advance Auto Parts Columbus, GA (b) 628 769 — — 628 769 1,397 ( 149 ) 1998 7/22/2016 7 to 40 Years
Advance Auto Parts Newton, MS (b) 336 443 — — 336 443 779 ( 100 ) 1998 7/22/2016 7 to 30 Years
Advance Auto Parts Augusta, GA (b) 482 750 — — 482 750 1,232 ( 142 ) 1998 7/22/2016 7 to 40 Years
Advance Auto Parts Tampa, FL (b) 721 1,055 — — 721 1,055 1,776 ( 176 ) 1997 7/22/2016 7 to 40 Years
Advance Auto Parts New Smyrna Beach, FL (b) 774 818 — — 774 818 1,592 ( 142 ) 1999 7/22/2016 7 to 40 Years
Advance Auto Parts Fort Lauderdale, FL (b) 772 1,005 — — 772 1,005 1,777 ( 186 ) 1996 7/22/2016 7 to 40 Years
Advance Auto Parts Jackson, MS (b) 396 423 — — 396 423 819 ( 93 ) 1998 7/22/2016 7 to 30 Years
Advance Auto Parts Castle Shannon, PA (b) 620 732 — — 620 732 1,352 ( 167 ) 1998 7/22/2016 7 to 30 Years
Advance Auto Parts Savannah, GA (b) 688 492 — — 688 492 1,180 ( 121 ) 1995 7/22/2016 7 to 40 Years
Advance Auto Parts College Park, GA (b) 386 506 — — 386 506 892 ( 129 ) 1998 7/22/2016 7 to 30 Years
Advance Auto Parts Hattiesburg, MS (b) 452 821 — — 452 821 1,273 ( 122 ) 1997 7/22/2016 7 to 40 Years
Advance Auto Parts Gibsonton, FL (b) 526 448 — — 526 448 974 ( 140 ) 1999 7/22/2016 7 to 30 Years
Advance Auto Parts Hialeah, FL (b) 682 1,054 — — 682 1,054 1,736 ( 180 ) 1998 7/22/2016 7 to 40 Years
Advance Auto Parts Montgomery, AL (b) 435 494 — — 435 494 929 ( 159 ) 1999 7/22/2016 7 to 30 Years
Advance Auto Parts Greenfield, IN (b) 502 1,070 — — 502 1,070 1,572 ( 50 ) 2003 11/25/2019 4 to 36 Years
Advance Auto Parts Trenton, OH (b) 345 702 — — 345 702 1,047 ( 42 ) 2003 11/25/2019 4 to 35 Years
Alabama Clinics Dothan, AL (b) 695 1,707 — 20 695 1,727 2,422 ( 371 ) 2012 12/21/2016 1 to 40 Years
Alaska Club Anchorage, AK (b) 1,054 4,756 — — 1,054 4,756 5,810 ( 424 ) 2006 8/15/2018 10 to 38 Years
Alaska Club Anchorage, AK (b) 2,864 8,258 — — 2,864 8,258 11,122 ( 832 ) 1972 8/15/2018 11 to 43 Years
Alaska Club Fairbanks, AK (b) 2,012 9,941 — — 2,012 9,941 11,953 ( 1,114 ) 1976 8/15/2018 10 to 39 Years
Alaska Club Wasilla, AK (b) 2,864 8,769 — — 2,864 8,769 11,633 ( 948 ) 1984 8/15/2018 10 to 31 Years
Alaska Club Anchorage, AK (b) 5,366 15,115 — — 5,366 15,115 20,481 ( 1,509 ) 1977 8/15/2018 11 to 32 Years
Albertsons Tigard, OR (b) 5,515 4,279 — — 5,515 4,279 9,794 ( 1,007 ) 1998 4/1/2015 15 to 30 Years
Albertsons Boise, ID (b) 1,470 2,280 — — 1,470 2,280 3,750 ( 969 ) 1982 12/17/2013 4 to 20 Years
Albertsons Las Cruces, NM (b) 1,132 2,765 — — 1,132 2,765 3,897 ( 853 ) 1983 12/17/2013 5 to 30 Years
Albertsons Midland, TX (b) 1,498 3,096 — — 1,498 3,096 4,594 ( 1,305 ) 1983 12/17/2013 5 to 20 Years
Aldi Tupelo, MS (b) 1,131 1,176 ( 372 ) ( 435 ) 759 741 1,500 ( 191 ) 1995 7/17/2013 4 to 22 Years
Allstate Insurance Company Yuma, AZ (a) 2,583 5,221 ( 1,704 ) ( 3,561 ) 879 1,660 2,539 — 2007 7/17/2013 2
to 38 Years
AMC Theatres Covina, CA (b) 5,566 26,922 — — 5,566 26,922 32,488 ( 9,587 ) 1997 6/23/2004 13 to 40 Years
AMC Theatres Missoula, MT (b) 2,333 3,406 — — 2,333 3,406 5,739 ( 1,670 ) 1998 6/23/2004 15 to 40 Years
AMC Theatres Johnston, IA (a) 3,046 10,213 ( 2,405 ) ( 8,798 ) 641 1,415 2,056 ( 8 ) 1998 6/23/2004 2 to 17 Years
AMC Theatres Yukon, OK (a) 1,082 3,538 — 1,600 1,082 5,138 6,220 ( 1,201 ) 2007 7/17/2013 8 to 33 Years
America’s Service Station Dacula, GA (b) 1,198 1,212 — — 1,198 1,212 2,410 ( 58 ) 2000 11/25/2019 10 to 29 Years
America’s Service Station Farragut, TN (b) 959 1,613 — — 959 1,613 2,572 ( 56 ) 2011 11/25/2019 13 to 42 Years
Amigos United Plainview, TX (b) 620 5,415 — — 620 5,415 6,035 ( 1,920 ) 2000 8/25/2005 14 to 40 Years
Amware Fulfillment Morrow, GA (b) 1,731 12,990 — — 1,731 12,990 14,721 ( 107 ) 1969 11/10/2020 8 to 25 Years
Andy’s Frozen Custard Naperville, IL (b) 976 — 27 983 1,003 983 1,986 ( 78 ) 2016 6/30/2016 39 to 40 Years
1
20
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Andy’s Frozen Custard Rogers, AR (b) 334 884 — — 334 884 1,218 ( 215 ) 2005 9/30/2014 15 to 30 Years
Andy’s Frozen Custard Orland Park, IL (b) 999 — 290 1,299 1,289 1,299 2,588 ( 79 ) 2019 9/12/2016 13 to 35 Years
Andy’s Frozen Custard Kansas City, MO (b) 772 18 — 916 772 934 1,706 ( 117 ) 1995 9/19/2014 40 to 40 Years
Applebee’s Augusta, GA (b) 1,494 2,019 — — 1,494 2,019 3,513 ( 506 ) 2005 7/17/2013 13 to 40 Years
Applebee’s Aurora, CO (b) 1,017 1,743 — — 1,017 1,743 2,760 ( 461 ) 1998 7/17/2013 13 to 35 Years
Applebee’s Colorado Springs, CO (b) 937 1,120 — — 937 1,120 2,057 ( 467 ) 1998 7/17/2013 8 to 25 Years
Applebee’s Albany, OR (b) 913 1,951 — — 913 1,951 2,864 ( 538 ) 2005 7/17/2013 12 to 35 Years
Applebee’s Macon, GA (b) 838 1,723 — — 838 1,723 2,561 ( 436 ) 1995 7/17/2013 13 to 40 Years
Applebee’s Walla Walla, WA (b) 665 2,072 — — 665 2,072 2,737 ( 603 ) 2005 7/17/2013 11 to 35 Years
Applebee’s Santa Fe, NM (b) 2,120 2,033 — — 2,120 2,033 4,153 ( 513 ) 1997 7/17/2013 13 to 40 Years
Applebee’s Columbus, GA (b) 1,199 1,911 — — 1,199 1,911 3,110 ( 496 ) 2005 7/17/2013 13 to 40 Years
Applebee’s Warner Robins, GA (b) 1,228 1,714 — — 1,228 1,714 2,942 ( 459 ) 1994 7/17/2013 11 to 40 Years
Applebee’s Loveland, CO (b) 602 1,913 — — 602 1,913 2,515 ( 428 ) 1997 7/17/2013 12 to 40 Years
Applebee’s Littleton, CO (b) 696 1,943 — — 696 1,943 2,639 ( 474 ) 1990 7/17/2013 11 to 40 Years
Applebee’s Union Gap, WA (b) 522 2,218 — — 522 2,218 2,740 ( 477 ) 2004 7/17/2013 13 to 40 Years
Applebee’s Gallup, NM (b) 937 2,277 — — 937 2,277 3,214 ( 583 ) 2004 7/17/2013 13 to 40 Years
Applebee’s Savannah, GA (b) 1,112 1,727 — — 1,112 1,727 2,839 ( 448 ) 1993 7/17/2013 13 to 40 Years
Applebee’s Columbus, GA (b) 2,102 1,717 — — 2,102 1,717 3,819 ( 407 ) 1993 7/17/2013 13 to 40 Years
Applebee’s Macon, GA (b) 874 1,712 — — 874 1,712 2,586 ( 451 ) 1995 7/17/2013 11 to 40 Years
Applebee’s Fountain, CO (b) 861 2,226 — — 861 2,226 3,087 ( 539 ) 2005 7/17/2013 12 to 38 Years
Applebee’s Aurora, CO (b) 1,521 1,498 — — 1,521 1,498 3,019 ( 487 ) 1992 7/17/2013 9 to 32 Years
Applebee’s Clovis, NM (b) 861 2,172 — — 861 2,172 3,033 ( 582 ) 2005 7/17/2013 13 to 40 Years
Applebee’s Grand Junction, CO (b) 1,363 1,990 — — 1,363 1,990 3,353 ( 524 ) 1995 7/17/2013 10 to 40 Years
Applebee’s Garden City, GA (b) 1,184 1,465 — — 1,184 1,465 2,649 ( 400 ) 1998 7/17/2013 9 to 40 Years
Applebee’s Longview, WA (b) 870 2,855 — — 870 2,855 3,725 ( 662 ) 2004 7/17/2013 13 to 40 Years
Applebee’s Chicago, IL (b) 1,452 1,960 — — 1,452 1,960 3,412 ( 109 ) 1999 11/25/2019 9 to 23 Years
Arby’s New Castle, PA (b) 573 1,042 — — 573 1,042 1,615 ( 481 ) 1999 7/17/2013 7 to 25 Years
Arby’s Jacksonville, FL (b) 368 739 — — 368 739 1,107 ( 79 ) 1998 11/25/2019 3 to 13 Years
Arby’s Indianapolis, IN (b) 604 342 — — 604 342 946 ( 39 ) 1998 11/25/2019 3 to 15 Years
Arby’s North Canton, OH (b) 327 706 12 25 339 731 1,070 ( 46 ) 1989 11/25/2019 4 to 26 Years
Arby’s Moncks Corner, SC (b) 569 826 — — 569 826 1,395 ( 87 ) 1998 11/25/2019 7 to 13 Years
Arby’s Martinsburg, WV (b) 594 1,256 — — 594 1,256 1,850 ( 117 ) 1999 11/25/2019 8
to 14 Years
Arby’s Champlin, MN (b) 710 408 — — 710 408 1,118 ( 200 ) 2004 3/20/2015 8 to 20 Years
Arby’s Sun City, AZ (b) 594 926 5 ( 38 ) 599 888 1,487 ( 60 ) 1986 11/25/2019 8 to 21 Years
Arby’s Tyler, TX (b) 355 663 — — 355 663 1,018 ( 142 ) 1980 12/29/2015 15 to 30 Years
Arby’s Odessa, TX (b) 499 941 — — 499 941 1,440 ( 192 ) 1982 12/29/2015 15 to 30 Years
1
2
1
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Arby’s Midland, TX (b) 768 893 — — 768 893 1,661 ( 187 ) 1982 12/29/2015 15 to 30 Years
Arby’s Amarillo, TX (b) 304 943 — — 304 943 1,247 ( 77 ) 1985 11/25/2019 4 to 16 Years
Armacell Yukon, OK (b) 1,318 17,900 — — 1,318 17,900 19,218 ( 124 ) 2005 11/10/2020 6 to 30 Years
Ashley Furniture Anderson, SC (a) 870 1,909 — — 870 1,909 2,779 ( 596 ) 2006 7/17/2013 8 to 40 Years
Ashley Furniture Amarillo, TX (b) 1,481 4,999 ( 1,099 ) ( 3,441 ) 382 1,558 1,940 ( 62 ) 2001 7/17/2013 3 to 29 Years
Ashley Furniture Mount Juliet, TN (b) 2,049 4,604 — 264 2,049 4,868 6,917 ( 1,131 ) 2008 7/17/2013 10 to 45 Years
Ashley Furniture El Paso, TX (b) 2,602 5,092 — 12 2,602 5,104 7,706 ( 268 ) 1973 11/25/2019 9 to 30 Years
Ashley Furniture (f) Maple Shade, NJ (b) 1,942 3,792 371 ( 67 ) 2,313 3,725 6,038 ( 2,174 ) 1998 7/17/2013 3 to 25 Years
At Home Mesa, AZ (b) 4,067 4,321 — 13 4,067 4,334 8,401 ( 1,354 ) 2002 12/20/2016 10 to 20 Years
At Home Louisville, KY (b) 4,726 5,210 — 13 4,726 5,223 9,949 ( 1,437 ) 1984 12/20/2016 9 to 20 Years
At Home Corpus Christi, TX (b) 3,734 4,949 — — 3,734 4,949 8,683 ( 1,753 ) 1986 8/1/2016 8 to 20 Years
At Home Jenison, MI (b) 2,303 5,743 — 88 2,303 5,831 8,134 ( 1,259 ) 1989 8/1/2016 8 to 30 Years
At Home Buford, GA (b) 1,940 4,704 — — 1,940 4,704 6,644 ( 979 ) 1984 8/1/2016 8 to 30 Years
At Home Broomfield, CO (b) 4,538 4,675 — — 4,538 4,675 9,213 ( 1,494 ) 1995 8/1/2016 9 to 20 Years
At Home Lubbock, TX (b) 2,129 7,926 — 12 2,129 7,938 10,067 ( 474 ) 1985 11/25/2019 7 to 29 Years
At Home Lutz, FL (b) 9,058 6,196 — — 9,058 6,196 15,254 ( 122 ) 2018 7/24/2020 13 to 34 Years
At Home Whitehall, PA (b) 3,354 7,088 — — 3,354 7,088 10,442 ( 614 ) 2018 3/28/2019 10 to 30 Years
At Home Plano, TX (b) 4,481 11,495 — — 4,481 11,495 15,976 ( 650 ) 2018 3/28/2019 16 to 40 Years
At Home Frederick, MD (b) 8,060 9,177 — 8 8,060 9,185 17,245 ( 841 ) 2018 3/28/2019 12 to 31 Years
At Home Live Oak, TX (b) 6,554 12,444 — — 6,554 12,444 18,998 ( 739 ) 2014 3/28/2019 16 to 38 Years
At Home Mansfield, TX (b) 2,839 9,324 — — 2,839 9,324 12,163 ( 625 ) 2018 3/28/2019 15 to 35 Years
AT&T Santa Clara, CA (b) 2,873 8,252 — — 2,873 8,252 11,125 ( 1,732 ) 2002 7/17/2013 5 to 48 Years
ATC Fitness Southaven, MS (b) 1,187 1,817 — — 1,187 1,817 3,004 ( 466 ) 2014 9/17/2014 15 to 40 Years
Auria St. Clair St Clair, MI (b) 1,511 6,379 — — 1,511 6,379 7,890 ( 360 ) 1991 1/9/2020 9 to 26 Years
Avalon Flooring Rio Grande, NJ (b) 753 3,299 — — 753 3,299 4,052 ( 641 ) 2006 3/31/2015 11 to 40 Years
Bagger Dave’s Burger Tavern Berkley, MI (b) 410 329 — — 410 329 739 ( 28 ) 1927 11/25/2019 8 to 27 Years
Bagger Dave’s Burger Tavern Grand Rapids, MI (b) 659 100 — — 659 100 759 ( 24 ) 1985 11/25/2019 6 to 27 Years
Bank of America Delray Beach, FL (a) 3,831 16,789 — — 3,831 16,789 20,620 ( 3,099 ) 1975 7/17/2013 8 to 50 Years
Bank of America Hunt Valley, MD (b) 13,131 74,628 — — 13,131 74,628 87,759 ( 3,029 ) 1974 9/26/2019 9 to 52 Years
Best Buy Wichita, KS (b) 3,368 6,312 — — 3,368 6,312 9,680 ( 2,270 ) 1984 7/17/2013 7 to 29 Years
Best Buy Fayetteville, NC (a) 1,560 6,893 — — 1,560 6,893 8,453 ( 1,685 ) 1999 7/17/2013 6 to 41 Years
Best Buy Evanston, IL (b) 3,275 5,338 — — 3,275 5,338 8,613 ( 667 ) 1993 7/17/2013 30 to 30 Years
Best Buy Las Cruces, NM (b) 1,328 2,616 — — 1,328 2,616 3,944 ( 701 ) 2002 7/17/2013 8 to 41 Years
Big Lots (f) Whiteville, NC (b) 1,119 1,676 — — 1,119 1,676 2,795 ( 1,209 ) 1988 7/17/2013 7 to 30 Years
Big Sandy Furniture South Point, OH (b) 1,030 3,123 — 12 1,030 3,135 4,165 ( 255 ) 1990 11/25/2019 6 to 15 Years
Big Sandy Furniture Parkersburg, WV (b) 1,021 4,403 — 12 1,021 4,415 5,436 ( 541 ) 1976 11/25/2019 3 to 10 Years
Big Sandy Furniture Portsmouth, OH (b) 368 1,936 — — 368 1,936 2,304 ( 110 ) 1988 11/25/2019 7 to 23 Years
Big Sandy Furniture Ashland, KY (b) 696 767 — — 696 767 1,463 ( 85 ) 1993 11/25/2019 6 to 15 Years
1
22
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Big Sandy Furniture Chillicothe, OH (b) 511 2,614 — — 511 2,614 3,125 ( 143 ) 1995 11/25/2019 7 to 25 Years
Big Sandy Furniture Ashland, KY (b) 739 2,316 — — 739 2,316 3,055 ( 169 ) 1990 11/25/2019 7 to 19 Years
Big Sandy Furniture Hurricane, WV (b) 962 3,093 — — 962 3,093 4,055 ( 143 ) 1998 11/25/2019 7 to 34 Years
Bi-Lo Hartsville, SC (b) 696 5,402 — — 696 5,402 6,098 ( 1,170 ) 1988 9/30/2014 10 to 40 Years
BJ’s Wholesale Club Fort Lauderdale, FL (b) 6,775 18,649 — — 6,775 18,649 25,424 ( 4,822 ) 2007 7/17/2013 12 to 37 Years
BJ’s Wholesale Club Woodstock, GA (a) 4,383 16,588 — — 4,383 16,588 20,971 ( 5,064 ) 2001 7/17/2013 8 to 33 Years
BJ’s Wholesale Club Haverhill, MA (b) 3,192 15,353 — — 3,192 15,353 18,545 ( 4,584 ) 2007 7/17/2013 11 to 32 Years
BJ’s Wholesale Club Tampa, FL (b) 4,810 10,220 — 35 4,810 10,255 15,065 ( 1,904 ) 1993 1/10/2017 10 to 30 Years
BJ’s Wholesale Club Taylor, MI (b) 4,275 17,672 — 109 4,275 17,781 22,056 ( 496 ) 2019 12/12/2019 14 to 50 Years
BJ’s Wholesale Club Pineville, NC (b) 2,034 9,305 — — 2,034 9,305 11,339 ( 208 ) 1999 1/31/2020 9 to 43 Years
BJ’s Wholesale Club Chesterfield, MI (b) 7,286 14,971 — — 7,286 14,971 22,257 ( 147 ) 2020 9/15/2020 15 to 50 Years
BJ’s Wholesale Club Millsboro, DE (b) 8,394 16,153 — — 8,394 16,153 24,547 — 2008 12/15/2020 10 to 40 Years
Bojangles’ Hickory, NC (b) 598 1,893 — — 598 1,893 2,491 ( 230 ) 1995 11/25/2019 5 to 10 Years
Books-A-Million Rapid City, SD (b) 575 2,568 — — 575 2,568 3,143 ( 700 ) 2001 7/17/2013 2 to 45 Years
Boscovs Voorhees, NJ (b) 1,803 4,314 — — 1,803 4,314 6,117 ( 438 ) 1970 11/25/2019 3 to 25 Years
Brookshire Brothers Cleveland, TX (b) 465 2,867 — — 465 2,867 3,332 ( 2,234 ) 1991 12/1/2005 15 to 20 Years
Brookshire Brothers Corrigan, TX (b) 395 630 — — 395 630 1,025 ( 569 ) 1971 12/1/2005 15 to 20 Years
Brookshire Brothers Diboll, TX (b) 775 872 — — 775 872 1,647 ( 806 ) 1974 12/1/2005 15 to 20 Years
Brookshire Brothers Lufkin, TX (b) 1,178 352 — — 1,178 352 1,530 ( 427 ) 1977 12/1/2005 15 to 20 Years
Brookshire Brothers Navasota, TX (b) 781 1,499 — — 781 1,499 2,280 ( 904 ) 1992 12/1/2005 15 to 30 Years
Brookshire Brothers Timpson, TX (b) 253 312 — — 253 312 565 ( 309 ) 1978 12/1/2005 15 to 20 Years
Brookshire Brothers Hallettsville, TX (b) 550 1,545 — — 550 1,545 2,095 ( 525 ) 2004 3/31/2014 10 to 30 Years
Buffalo Wild Wings Gaylord, MI (b) 1,023 1,125 — — 1,023 1,125 2,148 ( 88 ) 2014 11/25/2019 9 to 33 Years
Buffalo Wild Wings Wesley Chapel, FL (b) 2,672 1,725 — — 2,672 1,725 4,397 ( 377 ) 2015 8/18/2015 14 to 40 Years
Buffalo Wild Wings Birch Run, MI (b) 1,852 1,290 — — 1,852 1,290 3,142 ( 595 ) 2014 12/24/2014 14 to 30 Years
Buffalo Wild Wings Clinton Township, MI (b) 1,377 911 — — 1,377 911 2,288 ( 307 ) 2003 11/5/2014 14 to 30 Years
Buffalo Wild Wings Brandon, FL (b) 1,358 614 — — 1,358 614 1,972 ( 336 ) 2004 11/5/2014 14 to 20 Years
Burger King Saint Ann, MO (b) 470 1,800 — — 470 1,800 2,270 ( 77 ) 1985 11/25/2019 10 to 34 Years
Burger King Garner, NC (b) 600 765 — — 600 765 1,365 ( 508 ) 1995 9/29/2006 15 to 30 Years
Burger King Fayetteville, NC (b) 607 1,020 — — 607 1,020 1,627 ( 699 ) 1996 9/29/2006 15 to 30 Years
Burger King Springfield, IL (b) 693 472 — — 693 472 1,165 ( 53 ) 1988 11/25/2019 8 to 20 Years
Burger King Louisville, KY (b) 829 684 — — 829 684 1,513 ( 72 ) 1994 11/25/2019 4 to 18 Years
Burger King Buffalo, NY (b) 761 298 — — 761 298 1,059 ( 67 ) 1993 11/25/2019 5 to 17 Years
Burger King Buffalo, NY (b) 83 806 — — 83 806 889 ( 126 ) 1976 11/25/2019 5 to 12 Years
Burger King Springville, NY (b) 313 614 — — 313 614 927 ( 89 ) 1988 11/25/2019 5 to 19 Years
Burger King Cheektowaga, NY (b) 484 310 — — 484 310 794 ( 76 ) 1985 11/25/2019 5 to 18 Years
Burger King Fayetteville, NC (b) 612 739 — — 612 739 1,351 ( 77 ) 1987 11/25/2019 7
to 14 Years
12
3
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Burger King Lillington, NC (b) 367 771 6 ( 6 ) 373 765 1,138 ( 122 ) 1992 11/25/2019 3 to 8 Years
Burger King Decatur, IL (b) 474 468 — — 474 468 942 ( 50 ) 1992 11/25/2019 10 to 18 Years
Burger King Durham, NC (b) 1,253 — — — 1,253 — 1,253 — (e) 7/17/2013 (e)
Burger King Mebane, NC (b) 846 682 — — 846 682 1,528 ( 413 ) 1993 9/29/2006 15 to 30 Years
Burger King Apopka, FL (b) 778 670 — — 778 670 1,448 ( 61 ) 1977 11/25/2019 9 to 24 Years
Burger King Orlando, FL (b) 1,175 515 — — 1,175 515 1,690 ( 52 ) 1985 11/25/2019 9 to 20 Years
Burger King Gilman, IL (b) 363 337 — — 363 337 700 ( 72 ) 1998 11/25/2019 3 to 12 Years
Caliber Collision Suwanee, GA (b) 442 1,612 — — 442 1,612 2,054 ( 233 ) 1986 11/25/2019
4
to 8 Years
Caliber Collision Conroe, TX (b) 2,056 2,306 — 32 2,056 2,338 4,394 ( 362 ) 2016 12/28/2016 14 to 50 Years
Caliber Collision Houston, TX (b) 2,089 2,332 — 33 2,089 2,365 4,454 ( 335 ) 2016 3/16/2017 14 to 50 Years
Camping World Poteau, OK (b) 2,210 3,839 — 17 2,210 3,856 6,066 ( 824 ) 2015 3/22/2017 15 to 30 Years
Camping World Wentzville, MO (b) 2,040 5,133 — 1,264 2,040 6,397 8,437 ( 801 ) 2015 3/27/2015 39 to 40 Years
Camping World Tulsa, OK (b) 4,569 88 — 6,944 4,569 7,032 11,601 ( 1,365 ) 2016 12/15/2016 11 to 40 Years
Camping World Summerfield, FL (b) 3,059 3,949 — — 3,059 3,949 7,008 ( 1,234 ) 2004 8/29/2016 10 to 30 Years
Camping World Monticello, MN (b) 3,873 769 — 1,386 3,873 2,155 6,028 ( 963 ) 2016 12/29/2016 9 to 30 Years
Camping World Biloxi, MS (b) 3,274 627 — 6,334 3,274 6,961 10,235 ( 818 ) 2016 12/22/2016 15 to 40 Years
Camping World Kenosha, WI (b) 3,522 1,896 — 12 3,522 1,908 5,430 ( 190 ) 2004 11/25/2019 9 to 40 Years
Camping World Saukville, WI (b) 3,073 3,724 — 12 3,073 3,736 6,809 ( 253 ) 2014 11/25/2019 8 to 40 Years
Car Wash USA Express Van Buren, AR (b) 370 1,537 — — 370 1,537 1,907 ( 63 ) 2018 9/27/2019 14 to 38 Years
Car Wash USA Express Oneonta, AL (b) 500 1,368 — — 500 1,368 1,868 ( 64 ) 2013 9/27/2019 12 to 35 Years
Car Wash USA Express Chillicothe, OH (b) 644 3,918 — — 644 3,918 4,562 ( 146 ) 2017 9/27/2019 14 to 39 Years
Car Wash USA Express Memphis, TN (b) 103 466 — — 103 466 569 ( 27 ) 2014 9/27/2019 9 to 35 Years
Car Wash USA Express Birmingham, AL (b) 776 3,031 — — 776 3,031 3,807 ( 142 ) 2004 9/27/2019 11 to 32 Years
Car Wash USA Express Hernando, MS (b) 892 3,073 — — 892 3,073 3,965 ( 125 ) 2015 9/27/2019 14 to 38 Years
Car Wash USA Express Fort Smith, AR (b) 431 2,014 — — 431 2,014 2,445 ( 90 ) 2017 9/27/2019 11 to 34 Years
Car Wash USA Express Boaz, AL (b) 155 781 — — 155 781 936 ( 38 ) 2011 9/27/2019 10 to 32 Years
Car Wash USA Express Corinth, MS (b) 402 4,509 — — 402 4,509 4,911 ( 177 ) 2011 9/27/2019 14 to 35 Years
Car Wash USA Express Madisonville, KY (b) 421 1,565 — — 421 1,565 1,986 ( 65 ) 2018 9/27/2019 13 to 39 Years
Car Wash USA Express Sylacauga, AL (b) 360 2,227 — — 360 2,227 2,587 ( 90 ) 2017 9/27/2019 13 to 39 Years
Car Wash USA Express Springfield, OH (b) 673 3,330 — — 673 3,330 4,003 ( 139 ) 2014 9/27/2019 13 to 36 Years
Car Wash USA Express Dothan, AL (b) 816 3,586 — — 816 3,586 4,402 ( 148 ) 2008 9/27/2019 11 to 35 Years
Car Wash USA Express Oakland, TN (b) 503 2,671 — — 503 2,671 3,174 ( 101 ) 2017 9/27/2019 15 to 38 Years
Car Wash USA Express Rainbow City, AL (b) 301 1,875 — — 301 1,875 2,176 ( 84 ) 1998 9/27/2019 12 to 34 Years
Car Wash USA Express Birmingham, AL (b) 458 2,319 — — 458 2,319 2,777 ( 112 ) 2006 9/27/2019 12 to 33 Years
Car Wash USA Express Rome, GA (b) 290 1,398 — — 290 1,398 1,688 ( 68 ) 2007 9/27/2019 12 to 33 Years
Car Wash USA Express Conway, AR (b) 306 762 — — 306 762 1,068 ( 35 ) 2018 9/27/2019 14 to 38 Years
Car Wash USA Express Warner Robins, GA (b) 568 2,558 — — 568 2,558 3,126 ( 113 ) 2013 9/27/2019 14 to 36 Years
12
4
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Car Wash USA Express Douglas, GA (b) 582 2,987 — — 582 2,987 3,569 ( 112 ) 2011 9/27/2019 14 to 39 Years
Car Wash USA Express Olive Branch, MS (b) 1,071 3,515 — — 1,071 3,515 4,586 ( 164 ) 2006 9/27/2019 13 to 33 Years
Car Wash USA Express Orem, UT (b) 2,703 15,522 — — 2,703 15,522 18,225 ( 609 ) 2005 9/27/2019 13 to 36 Years
Car Wash USA Express Memphis, TN (b) 380 640 — — 380 640 1,020 ( 55 ) 2008 9/27/2019 9 to 29 Years
Car Wash USA Express Centre, AL (b) 156 771 — — 156 771 927 ( 39 ) 2012 9/27/2019 11 to 33 Years
CarMax Ontario, CA (b) 7,981 6,937 — ( 90 ) 7,981 6,847 14,828 ( 2,297 ) 2005 6/30/2005 40 to 40 Years
CarMax Pompano Beach, FL (b) 6,153 5,010 — ( 91 ) 6,153 4,919 11,072 ( 1,650 ) 2004 6/30/2005 40 to 40 Years
CarMax Midlothian, VA (b) 4,775 6,056 — ( 100 ) 4,775 5,956 10,731 ( 1,998 ) 2004 6/30/2005 40 to 40 Years
CarMax Pineville, NC (a) 4,865 1,902 — — 4,865 1,902 6,767 ( 1,009 ) 2002 7/17/2013 10 to 30 Years
CarMax Greenville, SC (b) 4,947 20,682 — 12 4,947 20,694 25,641 ( 867 ) 1999 11/25/2019 6 to 35 Years
CarMax Kennesaw, GA (b) 10,920 3,192 — 13 10,920 3,205 14,125 ( 312 ) 1995 11/25/2019 7 to 38 Years
CarMax Raleigh, NC (b) 5,603 5,063 — 12 5,603 5,075 10,678 ( 405 ) 1994 11/25/2019 8 to 30 Years
Carrington College Mesquite, TX (b) 2,534 1,780 ( 886 ) ( 403 ) 1,648 1,377 3,025 — 1996 7/17/2013 3 to 15 Years
Chapala Boise, ID (b) 477 139 — — 477 139 616 ( 19 ) 1998 11/25/2019 3 to 20 Years
Charleston’s Restaurant Norman, OK (b) 1,328 3,380 — 12 1,328 3,392 4,720 ( 277 ) 1992 11/25/2019 2 to 15 Years
Charleston’s Restaurant Tulsa, OK (b) 1,292 3,075 — — 1,292 3,075 4,367 ( 191 ) 2002 11/25/2019 2 to 20 Years
Chick-Fil-A Carrollton, GA (b) 985 725 — — 985 725 1,710 ( 283 ) 1995 7/17/2013 11 to 33 Years
Childcare Network East Point, GA (b) 411 1,279 — — 411 1,279 1,690 ( 186 ) 2016 12/13/2016 14 to 40 Years
Childcare Network Elon, NC (b) 486 846 — — 486 846 1,332 ( 244 ) 1998 12/2/2016 4 to 30 Years
Childcare Network
Winston-Salem, NC
(b) 541 659 — — 541 659 1,200 ( 154 ) 1993 12/2/2016 5 to 30 Years
Childcare Network Greensboro, NC (b) 360 540 — — 360 540 900 ( 96 ) 1949 12/2/2016 9 to 30 Years
Childcare Network Burlington, NC (b) 306 533 — — 306 533 839 ( 137 ) 1971 12/13/2016
7
to
20
Years
Childcare Network Grand Prairie, TX (b) 1,057 2,350 — — 1,057 2,350 3,407 ( 626 ) 2007 7/17/2015 15 to 30 Years
Childcare Network Denton, TX (b) 626 1,909 — — 626 1,909 2,535 ( 444 ) 2000 7/17/2015 15 to 30 Years
Childcare Network Fort Worth, TX (b) 392 871 — — 392 871 1,263 ( 249 ) 2006 7/17/2015 15 to 30 Years
Childcare Network Columbus, GA (b) 342 1,096 — 30 342 1,126 1,468 ( 219 ) 2015 12/22/2015 15 to 40 Years
Childcare Network High Point, NC (b) 205 978 — — 205 978 1,183 ( 196 ) 1981 12/22/2015 15 to 30 Years
Childcare Network Hampton, GA (b) 391 460 — — 391 460 851 ( 142 ) 2005 12/22/2015 15 to 30 Years
Childcare Network Warner Robins, GA (b) 431 620 — — 431 620 1,051 ( 220 ) 1995 2/27/2015 15 to 20 Years
Childcare Network Fort Walton Beach, FL (b) 200 491 — — 200 491 691 ( 119 ) 1977 2/27/2015 15 to 30 Years
Childcare Network Sanford, NC (b) 200 611 — — 200 611 811 ( 146 ) 2002 2/27/2015 15 to 30 Years
Childcare Network Norcross, GA (b) 831 624 — — 831 624 1,455 ( 246 ) 1985 3/30/2015 15 to 20 Years
Childcare Network Evans, GA (b) 508 640 — — 508 640 1,148 ( 182 ) 2003 11/14/2014 15 to 30 Years
Childcare Network Stockbridge, GA (b) 533 1,236 — ( 16 ) 533 1,220 1,753 ( 344 ) 2000 10/31/2014 15 to 30 Years
Childcare Network Marietta, GA (b) 538 792 — 11 538 803 1,341 ( 174 ) 2009 9/28/2016 11 to 30 Years
Childcare Network Chattanooga, TN (b) 684 841 — 11 684 852 1,536 ( 171 ) 1999 9/28/2016 10 to 30 Years
Childcare Network Pensacola, FL (b) 390 1,360 — — 390 1,360 1,750 ( 140 ) 2016 2/23/2017 15 to 50 Years
12
5
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Childtime Cuyahoga Falls, OH (b) 279 727 — — 279 727 1,006 ( 343 ) 1974 7/17/2013 8 to 25 Years
Childtime Arlington, TX (b) 365 532 — — 365 532 897 ( 274 ) 2006 7/17/2013 10 to 33 Years
Childtime Oklahoma City, OK (b) 290 341 — — 290 341 631 ( 195 ) 1985 7/17/2013 11 to 19 Years
Childtime Rochester, NY (b) 242 539 — — 242 539 781 ( 219 ) 1981 7/17/2013 8 to 28 Years
Childtime Modesto, CA (b) 386 664 — — 386 664 1,050 ( 308 ) 1986 7/17/2013 9 to 22 Years
Childtime Morrisville, NC (b) 544 1,378 — — 544 1,378 1,922 ( 305 ) 2010 2/19/2015 15 to 40 Years
Chili’s Paris, TX (b) 552 1,821 — — 552 1,821 2,373 ( 523 ) 1999 7/17/2013 11 to 35 Years
Chili’s Tilton, NH (b) 1,565 — — — 1,565 — 1,565 — (e) 7/17/2013 (e)
Chili’s Fredericksburg, TX (b) 511 1,516 — — 511 1,516 2,027 ( 486 ) 1985 7/17/2013 11 to 30 Years
Chuck-A-Rama and Grub Steak Ogden, UT (b) 610 1,648 — — 610 1,648 2,258 ( 159 ) 1998 1/22/2019 10 to 28 Years
Chuck-A-Rama and Grub Steak Orem, UT (b) 803 1,141 — — 803 1,141 1,944 ( 130 ) 1991 1/22/2019 7 to 22 Years
Chuck-A-Rama and Grub Steak Lehi, UT (b) 830 2,141 — — 830 2,141 2,971 ( 171 ) 2011 1/22/2019 10 to 37 Years
Chuck-A-Rama and Grub Steak Ammon, ID (b) 503 2,315 — — 503 2,315 2,818 ( 193 ) 2003 1/22/2019 10 to 32 Years
Chuck-A-Rama and Grub Steak Park City, UT (b) 205 2,501 — — 205 2,501 2,706 ( 156 ) 1978 1/22/2019 11 to 34 Years
Chuck-A-Rama and Grub Steak Bountiful, UT (b) 871 1,406 — — 871 1,406 2,277 ( 139 ) 1995 1/22/2019 10 to 25 Years
Chuck-A-Rama and Grub Steak Boise, ID (b) 673 2,071 — — 673 2,071 2,744 ( 179 ) 1998 1/22/2019 11 to 28 Years
Chuck-A-Rama and Grub Steak Provo, UT (b) 723 1,549 — — 723 1,549 2,272 ( 168 ) 1990 1/22/2019 10 to 22 Years
Chuck-A-Rama and Grub Steak Draper, UT (b) 943 1,876 — — 943 1,876 2,819 ( 174 ) 2004 1/22/2019 11 to 32 Years
Chuck-A-Rama and Grub Steak St. George, UT (b) 708 2,036 — — 708 2,036 2,744 ( 183 ) 1995 1/22/2019 10 to 26 Years
Chuck-A-Rama and Grub Steak Murray, UT (b) 512 1,328 — — 512 1,328 1,840 ( 129 ) 1996 1/22/2019 10 to 26 Years
Chuck-A-Rama and Grub Steak Salt Lake City, UT (b) 1,552 1,747 — — 1,552 1,747 3,299 ( 197 ) 1964 1/22/2019 9 to 22 Years
Chuck-A-Rama and Grub Steak Logan, UT (b) 276 2,696 — — 276 2,696 2,972 ( 169 ) 2011 1/22/2019 13 to 37 Years
Church’s Chicken Balch Springs, TX (b) 329 576 — — 329 576 905 ( 247 ) 1986 7/17/2013 11 to 31 Years
Church’s Chicken Rio Grand City, TX (b) 1,746 554 — — 1,746 554 2,300 ( 171 ) 1984 7/17/2013 12 to 35 Years
Church’s Chicken Fort Worth, TX (b) 164 573 — — 164 573 737 ( 206 ) 1965 7/17/2013 11 to 25 Years
Church’s Chicken Midland, TX (b) 195 432 — — 195 432 627 ( 130 ) 1972 7/17/2013 9 to 35 Years
Church’s Chicken Columbus, GA (b) 640 403 — — 640 403 1,043 ( 220 ) 1983 7/17/2013 11 to
23 Years
Church’s Chicken Carrolton, TX (b) 361 415 — — 361 415 776 ( 214 ) 1997 7/17/2013 11 to 25 Years
Church’s Chicken Phoenix, AZ (b) 384 528 — — 384 528 912 ( 196 ) 1974 7/17/2013 11 to 27 Years
Church’s Chicken Tucson, AZ (b) 191 552 — — 191 552 743 ( 156 ) 1981 7/17/2013 11 to 35 Years
Church’s Chicken Brownsville, TX (b) 667 785 — — 667 785 1,452 ( 216 ) 1985 7/17/2013 10 to 35 Years
Church’s Chicken Abilene, TX (b) 198 311 — — 198 311 509 ( 130 ) 1975 7/17/2013 10 to 26 Years
Church’s Chicken San Antonio, TX (b) 685 257 — — 685 257 942 ( 96 ) 1976 7/17/2013 9 to 35 Years
Church’s Chicken San Antonio, TX (b) 592 336 — — 592 336 928 ( 121 ) 1968 7/17/2013 9 to 35 Years
Church’s Chicken Montgomery, AL (b) 247 376 — — 247 376 623 ( 209 ) 1999 7/17/2013 10 to 24 Years
Church’s Chicken Kansas City, MO (b) 462 673 — — 462 673 1,135 ( 207 ) 1996 7/17/2013 10 to 35 Years
Church’s Chicken Port Lavaca, TX (b) 339 594 — — 339 594 933 ( 211 ) 1985 7/17/2013 11 to 28 Years
12
6
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Church’s Chicken Dallas, TX (b) 164 431 — — 164 431 595 ( 214 ) 1968 7/17/2013 10 to 18 Years
Church’s Chicken Oro Valley, AZ (b) 262 193 — — 262 193 455 ( 133 ) 1983 7/17/2013 11 to 23 Years
Church’s Chicken McAllen, TX (b) 601 539 — — 601 539 1,140 ( 173 ) 1985 7/17/2013 11 to 35 Years
Church’s Chicken Memphis, TN (b) 156 351 — — 156 351 507 ( 164 ) 1971 7/17/2013 7 to 25 Years
Church’s Chicken Kansas City, MO (b) 189 837 — — 189 837 1,026 ( 313 ) 1996 7/17/2013 9 to 25 Years
Church’s Chicken Edinburg, TX (b) 624 888 — — 624 888 1,512 ( 250 ) 1985 7/17/2013 11 to 35 Years
Church’s Chicken North Little Rock, AR (b) 128 351 — — 128 351 479 ( 143 ) 1999 7/17/2013 10 to 28 Years
Church’s Chicken Grand Prairie, TX (b) 147 535 — — 147 535 682 ( 186 ) 1985 7/17/2013 11 to 30 Years
Church’s Chicken Phoenix, AZ (b) 400 120 — — 400 120 520 ( 109 ) 1977 7/17/2013 11 to 13 Years
Church’s Chicken Pine Bluff, AR (b) 854 431 — — 854 431 1,285 ( 126 ) 1971 7/17/2013 7 to 35 Years
Church’s Chicken Oklahoma City, OK (b) 223 469 — — 223 469 692 ( 239 ) 1998 7/17/2013 8 to 22 Years
Church’s Chicken San Antonio, TX (b) 375 282 — — 375 282 657 ( 156 ) 1965 7/17/2013 9 to 21 Years
Church’s Chicken Jackson, MS (b) 195 582 — — 195 582 777 ( 193 ) 2000 7/17/2013 11 to 30 Years
Church’s Chicken Victoria, TX (b) 129 490 — — 129 490 619 ( 189 ) 1985 7/17/2013 11 to 28 Years
Church’s Chicken Richland Hills, TX (b) 229 199 — — 229 199 428 ( 103 ) 1999 7/17/2013 10 to 25 Years
Church’s Chicken Brownsville, TX (b) 267 652 — — 267 652 919 ( 177 ) 2000 7/17/2013 10 to 35 Years
Church’s Chicken Tulsa, OK (b) 767 466 — — 767 466 1,233 ( 161 ) 1976 7/17/2013 8 to 35 Years
Church’s Chicken Dallas, TX (b) 249 431 — — 249 431 680 ( 136 ) 1985 7/17/2013 9 to 33 Years
Church’s Chicken Pleasanton, TX (b) 230 1,052 — — 230 1,052 1,282 ( 296 ) 1985 7/17/2013 11 to 35 Years
Church’s Chicken Tyler, TX (b) 227 527 — — 227 527 754 ( 154 ) 1976 7/17/2013 11 to 35 Years
Church’s Chicken Oklahoma City, OK (b) 200 428 — — 200 428 628 ( 184 ) 1971 7/17/2013 9 to 25 Years
Church’s Chicken Laurel, MS (b) 690 290 — — 690 290 980 ( 161 ) 1971 7/17/2013 11 to 24 Years
Church’s Chicken Atlanta, GA (b) 336 346 — — 336 346 682 ( 222 ) 1981 7/17/2013 11 to 22 Years
Church’s Chicken Garland, TX (b) 141 455 — — 141 455 596 ( 180 ) 1986 7/17/2013 10 to 25 Years
Church’s Chicken LaGrange, GA (b) 555 44 — — 555 44 599 ( 294 ) 1978 7/17/2013 7 to 30 Years
Church’s Chicken McAllen, TX (b) 747 408 — — 747 408 1,155 ( 125 ) 1992 7/17/2013 10 to 35 Years
Church’s Chicken Decatur, GA (b) 566 49 — — 566 49 615 ( 106 ) 1979 7/17/2013 3 to 11 Years
Church’s Chicken East Point, GA (b) 429 245 — — 429 245 674 ( 211 ) 1977 7/17/2013 11 to 19 Years
Church’s Chicken Brownsville, TX (b) 571 930 — — 571 930 1,501 ( 304 ) 2002 7/17/2013 11 to 35 Years
Church’s Chicken Macon, GA (b) 291 628 — — 291 628 919 ( 185 ) 1983 7/17/2013 10 to 35 Years
Church’s Chicken Kingsville, TX (b) 263 461 — — 263 461 724 ( 145 ) 1977 7/17/2013 9 to 35 Years
Church’s Chicken Atlanta, GA (b) 554 258 — — 554 258 812 ( 182 ) 1980 7/17/2013 11 to 23 Years
Church’s Chicken Victoria, TX (b) 367 182 — — 367 182 549 ( 104 ) 1984 7/17/2013 11 to 22 Years
Church’s Chicken Norfolk, VA (b) 373 517 — — 373 517 890 ( 284 ) 1988 7/17/2013 7 to 20 Years
Church’s Chicken Dallas, TX (b) 315 209 — — 315 209 524 ( 107 ) 1999 7/17/2013 10 to 25 Years
Church’s Chicken Austin, TX (b) 904 477 — — 904 477 1,381 ( 148 ) 1976 7/17/2013 11 to 35 Years
Church’s Chicken Atlanta, GA (b) 394 268 — — 394 268 662 ( 228 ) 1975 7/17/2013 11 to 16 Years
12
7
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Church’s Chicken Donna, TX (b) 1,091 540 — — 1,091 540 1,631 ( 174 ) 1984 7/17/2013 10 to 35 Years
Church’s Chicken Montgomery, AL (b) 313 601 — — 313 601 914 ( 288 ) 1999 7/17/2013 10 to
27
Years
Church’s Chicken Phoenix, AZ (b) 599 412 — — 599 412 1,011 ( 146 ) 1980 7/17/2013 10 to
35
Years
Church’s Chicken Brownsville, TX (b) 795 556 — — 795 556 1,351 ( 157 ) 1977 7/17/2013 10 to 35 Years
Church’s Chicken Phoenix, AZ (b) 523 97 — — 523 97 620 ( 100 ) 1976 7/17/2013 9 to 16 Years
Church’s Chicken Elsa, TX (b) 1,159 141 — — 1,159 141 1,300 ( 90 ) 1984 7/17/2013 11 to 35 Years
Church’s Chicken Birmingham, AL (b) 107 508 — — 107 508 615 ( 238 ) 1983 7/17/2013 7 to 19 Years
Church’s Chicken Marietta, GA (b) 350 173 — — 350 173 523 ( 144 ) 1976 7/17/2013 11 to 20 Years
Church’s Chicken Memphis, TN (b) 264 592 — — 264 592 856 ( 193 ) 1971 7/17/2013 11 to 35 Years
Church’s Chicken Copperas Cove, TX (b) 186 249 — — 186 249 435 ( 118 ) 1973 7/17/2013 11 to 23 Years
Church’s Chicken Irving, TX (b) 463 338 — — 463 338 801 ( 103 ) 1967 7/17/2013 10 to 35 Years
Church’s Chicken New Braunfels, TX (b) 302 526 — — 302 526 828 ( 211 ) 1973 7/17/2013 10 to 27 Years
Church’s Chicken Kirby, TX (b) 224 262 — — 224 262 486 ( 149 ) 1985 7/17/2013 9 to 18 Years
Church’s Chicken Memphis, TN (b) 163 295 — — 163 295 458 ( 141 ) 1979 7/17/2013 10 to 25 Years
Church’s Chicken Hobbs, NM (b) 706 534 — — 706 534 1,240 ( 197 ) 1974 7/17/2013 11 to 35 Years
Church’s Chicken San Antonio, TX (b) 544 521 — — 544 521 1,065 ( 168 ) 1967 7/17/2013 11 to 33 Years
Church’s Chicken Little Rock, AR (b) 332 432 — — 332 432 764 ( 132 ) 1971 7/17/2013 9 to 35 Years
Church’s Chicken Greenville, TX (b) 325 441 — — 325 441 766 ( 133 ) 1972 7/17/2013 10 to 35 Years
Church’s Chicken Columbus, GA (b) 342 49 — — 342 49 391 ( 116 ) 1978 7/17/2013 9 to 23 Years
Church’s Chicken Portsmouth, VA (b) 574 419 — — 574 419 993 ( 202 ) 1988 7/17/2013 10 to 25 Years
Church’s Chicken Jackson, MS (b) 996 610 — — 996 610 1,606 ( 211 ) 1978 7/17/2013 11 to 35 Years
Church’s Chicken Phoenix, AZ (b) 368 267 — — 368 267 635 ( 122 ) 1974 7/17/2013 11 to 23 Years
Church’s Chicken Floresville, TX (b) 109 555 — — 109 555 664 ( 220 ) 1985 7/17/2013 9 to 25 Years
Church’s Chicken Montgomery, AL (b) 288 623 — — 288 623 911 ( 182 ) 1998 7/17/2013 9 to 35 Years
Church’s Chicken Alamo, TX (b) 1,745 715 — — 1,745 715 2,460 ( 190 ) 1984 7/17/2013 9 to 35 Years
Church’s Chicken Mission, TX (b) 577 598 — — 577 598 1,175 ( 185 ) 1981 7/17/2013 9 to 35 Years
Church’s Chicken Kansas City, MO (b) 312 574 — — 312 574 886 ( 197 ) 1996 7/17/2013 10 to 30 Years
Church’s Chicken Cleburne, TX (b) 129 482 — — 129 482 611 ( 199 ) 1997 7/17/2013 9 to 25 Years
Church’s Chicken Brownsville, TX (b) 430 656 — — 430 656 1,086 ( 288 ) 1985 7/17/2013 11 to 29 Years
Church’s Chicken Decatur, GA (b) 570 30 — — 570 30 600 ( 102 ) 1981 7/17/2013 7 to 25 Years
Church’s Chicken Odessa, TX (b) 670 563 — — 670 563 1,233 ( 182 ) 1972 7/17/2013 10 to 35 Years
Church’s Chicken Memphis, TN (b) 212 245 — — 212 245 457 ( 160 ) 1971 7/17/2013 7 to 25 Years
Church’s Chicken Kansas City, MO (b) 135 616 — — 135 616 751 ( 230 ) 1996 7/17/2013 10 to 25 Years
Church’s Chicken Phoenix, AZ (b) 415 403 — — 415 403 818 ( 150 ) 1975 7/17/2013 8 to 27 Years
Church’s Chicken Kansas City, MO (b) 310 580 — — 310 580 890 ( 199 ) 1996 7/17/2013 10 to 31 Years
Church’s Chicken Eagle Pass, TX (b) 597 385 — — 597 385 982 ( 141 ) 1977 7/17/2013 9 to 35 Years
Church’s Chicken Phenix City, AL (b) 493 497 — — 493 497 990 ( 135 ) 1978 7/17/2013 8 to 35 Years
12
8
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Church’s Chicken Mercedes, TX (b) 535 575 — — 535 575 1,110 ( 177 ) 1982 7/17/2013 11 to 35 Years
Church’s Chicken Tucson, AZ (b) 221 434 — — 221 434 655 ( 157 ) 1980 7/17/2013 11 to 27 Years
Church’s Chicken Dallas, TX (b) 174 450 — — 174 450 624 ( 180 ) 1969 7/17/2013 10 to 26 Years
Church’s Chicken Raymondville, TX (b) 660 455 — — 660 455 1,115 ( 175 ) 1984 7/17/2013 9 to 35 Years
Church’s Chicken Temple, TX (b) 705 493 — — 705 493 1,198 ( 145 ) 1983 7/17/2013 10 to 35 Years
Church’s Chicken Pharr, TX (b) 694 441 — — 694 441 1,135 ( 196 ) 1997 7/17/2013 10 to 26 Years
Church’s Chicken Midwest City, OK (b) 318 623 — — 318 623 941 ( 188 ) 1985 7/17/2013 9 to 35 Years
Church’s Chicken San Antonio, TX (b) 283 573 — — 283 573 856 ( 232 ) 1971 7/17/2013 11 to 33 Years
Church’s Chicken Vicksburg, MS (b) 278 333 — — 278 333 611 ( 166 ) 1972 7/17/2013 11 to 25 Years
Church’s Chicken Lewisville, TX (b) 913 470 — — 913 470 1,383 ( 183 ) 1976 7/17/2013 8 to 35 Years
Church’s Chicken Nogales, AZ (b) 207 448 — — 207 448 655 ( 186 ) 1976 7/17/2013 11 to 25 Years
Church’s Chicken Roma, TX (b) 478 855 — — 478 855 1,333 ( 268 ) 1985 7/17/2013 11 to 35 Years
Church’s Chicken Little Rock, AR (b) 263 492 — — 263 492 755 ( 154 ) 1975 7/17/2013 9 to 35 Years
Church’s Chicken Jackson, MS (b) 215 476 — — 215 476 691 ( 191 ) 1977 7/17/2013 11 to 25 Years
Church’s Chicken Montgomery, AL (b) 455 579 — — 455 579 1,034 ( 219 ) 1972 7/17/2013 11 to 33 Years
Church’s Chicken Roswell, NM (b) 343 321 — — 343 321 664 ( 207 ) 1974 7/17/2013 11 to 23 Years
Church’s Chicken Haltom City, TX (b) 571 425 — — 571 425 996 ( 144 ) 2007 7/17/2013 11 to 35 Years
Church’s Chicken Tulsa, OK (b) 315 717 — — 315 717 1,032 ( 207 ) 1976 7/17/2013 10 to 35 Years
Church’s Chicken San Benito, TX (b) 1,641 688 — — 1,641 688 2,329 ( 190 ) 1977 7/17/2013 9 to 35 Years
Church’s Chicken Americus, GA (b) 282 406 — — 282 406 688 ( 214 ) 1978 7/17/2013 11 to 23 Years
Church’s Chicken Altus, OK (b) 70 413 — — 70 413 483 ( 163 ) 1980 7/17/2013 7 to 25 Years
Church’s Chicken Memphis, TN (b) 288 278 — — 288 278 566 ( 186 ) 1976 7/17/2013 6 to 20 Years
Church’s Chicken San Antonio, TX (b) 397 700 — — 397 700 1,097 ( 213 ) 1984 7/17/2013 11 to 35 Years
Church’s Chicken Lubbock, TX (b) 325 794 — — 325 794 1,119 ( 247 ) 2004 7/17/2013 11 to 34 Years
Church’s Chicken Harlingen, TX (b) 226 519 — — 226 519 745 ( 193 ) 1973 7/17/2013 11 to 30 Years
Church’s Chicken Kansas City, MO (b) 348 730 — — 348 730 1,078 ( 220 ) 1996 7/17/2013 10 to 35 Years
Church’s Chicken Fort Worth, TX (b) 157 263 — — 157 263 420 ( 154 ) 1965 7/17/2013 11 to 20 Years
Church’s Chicken San Antonio, TX (b) 205 1,042 ( 82 ) ( 1,042 ) 123 — 123 — 1976 7/17/2013 (g)
Church’s Chicken Fort Worth, TX (b) 200 643 — — 200 643 843 ( 222 ) 1979 7/17/2013 11 to 30 Years
Church’s Chicken Memphis, TN (b) 180 316 — — 180 316 496 ( 165 ) 1971 7/17/2013 7 to 20 Years
Church’s Chicken Birmingham, AL (b) 192 656 — — 192 656 848 ( 327 ) 1981 7/17/2013 7 to 19 Years
Church’s Chicken Brownsville, TX (b) 369 679 — — 369 679 1,048 ( 210 ) 1972 7/17/2013 11 to 35 Years
Church’s Chicken Macon, GA (b) 185 553 — — 185 553 738 ( 193 ) 1980 7/17/2013 11 to 30 Years
Church’s Chicken Mesquite, TX (b) 234 459 — — 234 459 693 ( 193 ) 2001 7/17/2013 11 to 28 Years
Church’s Chicken Tucson, AZ (b) 349 479 — — 349 479 828 ( 157 ) 1976 7/17/2013 11 to 35 Years
Church’s Chicken Phoenix, AZ (b) 321 276 — — 321 276 597 ( 160 ) 1975 7/17/2013 10 to 20 Years
Church’s Chicken Decatur, GA (b) 459 133 — — 459 133 592 ( 118 ) 1974 7/17/2013 11 to 20 Years
12
9
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Church’s Chicken Albuquerque, NM (b) 466 591 — — 466 591 1,057 ( 203 ) 1976 7/17/2013 11 to 35 Years
Church’s Chicken Memphis, TN (b) 128 232 — — 128 232 360 ( 131 ) 1971 7/17/2013 8 to 20 Years
Church’s Chicken Waco, TX (b) 365 542 — — 365 542 907 ( 145 ) 1969 7/17/2013 10 to 35 Years
Church’s Chicken Bryan, TX (b) 441 766 — — 441 766 1,207 ( 194 ) 1972 7/17/2013 10 to 35 Years
Church’s Chicken Grand Prairie, TX (b) 335 527 — — 335 527 862 ( 169 ) 1980 7/17/2013 10 to 35 Years
Church’s Chicken Talladega, AL (b) 247 245 — — 247 245 492 ( 197 ) 1998 7/17/2013 11 to 21 Years
Church’s Chicken Laredo, TX (b) 272 713 — — 272 713 985 ( 185 ) 1966 7/17/2013 11 to 35 Years
Church’s Chicken Birmingham, AL (b) 131 526 — — 131 526 657 ( 256 ) 1984 7/17/2013 7 to 19 Years
Church’s Chicken Jackson, MS (b) 447 555 — — 447 555 1,002 ( 207 ) 1998 7/17/2013 11 to 35 Years
Church’s Chicken La Feria, TX (b) 369 941 — — 369 941 1,310 ( 257 ) 2003 7/17/2013 11 to 35 Years
Church’s Chicken Port Isabel, TX (b) 348 672 — — 348 672 1,020 ( 222 ) 2004 7/17/2013 11 to 31 Years
Church’s Chicken Hidalgo, TX (b) 352 1,043 — — 352 1,043 1,395 ( 307 ) 2001 7/17/2013 10 to 31 Years
Church’s Chicken Weslaco, TX (b) 860 513 — — 860 513 1,373 ( 157 ) 1990 7/17/2013 11 to 35 Years
Church’s Chicken Universal City, TX (b) 408 369 — — 408 369 777 ( 182 ) 1989 7/17/2013 9 to 25 Years
Church’s Chicken Montgomery, AL (b) 177 516 — — 177 516 693 ( 285 ) 1984 7/17/2013 9 to 19 Years
Church’s Chicken Atlanta, GA (b) 683 5 — — 683 5 688 ( 106 ) 1975 7/17/2013 11 to 23 Years
Church’s Chicken Albuquerque, NM (b) 293 300 — — 293 300 593 ( 192 ) 1976 7/17/2013 11 to 25 Years
Church’s Chicken Albuquerque, NM (b) 267 439 — — 267 439 706 ( 226 ) 1975 7/17/2013 11 to 25 Years
Church’s Chicken Memphis, TN (b) 206 471 — — 206 471 677 ( 194 ) 1979 7/17/2013 10 to 25 Years
Church’s Chicken Fort Valley, GA (b) 353 379 ( 87 ) — 266 379 645 ( 208 ) 1985 7/17/2013 11 to 23 Years
Church’s Chicken Little Rock, AR (b) 99 500 — — 99 500 599 ( 168 ) 1970 7/17/2013 8 to 30 Years
Church’s Chicken Austin, TX (b) 418 872 — — 418 872 1,290 ( 236 ) 1986 7/17/2013 11 to 35 Years
Church’s Chicken Albuquerque, NM (b) 265 575 — — 265 575 840 ( 262 ) 1980 7/17/2013 11 to 26 Years
Church’s Chicken Laredo, TX (b) 727 698 — — 727 698 1,425 ( 191 ) 1968 7/17/2013 11 to 35 Years
Church’s Chicken Griffin, GA (b) 215 492 — — 215 492 707 ( 212 ) 1978 7/17/2013 11 to 25 Years
Church’s Chicken San Antonio, TX (b) 369 226 — — 369 226 595 ( 103 ) 1986 7/17/2013 10 to 25 Years
Church’s Chicken Odessa, TX (b) 597 443 — — 597 443 1,040 ( 155 ) 1979 7/17/2013 10 to 35 Years
Church’s Chicken Memphis, TN (b) 426 608 — — 426 608 1,034 ( 217 ) 1971 7/17/2013 11 to 32 Years
Church’s Chicken San Antonio, TX (b) 395 414 — — 395 414 809 ( 186 ) 1984 7/17/2013 11 to 25 Years
Church’s Chicken Harlingen, TX (b) 923 753 — — 923 753 1,676 ( 202 ) 1985 7/17/2013 10 to 35 Years
Church’s Chicken Weslaco, TX (b) 291 786 — — 291 786 1,077 ( 289 ) 1970 7/17/2013 11 to 25 Years
Church’s Chicken Killeen, TX (b) 289 513 — — 289 513 802 ( 157 ) 1974 7/17/2013 9 to 35 Years
Church’s Chicken The Village, OK (b) 211 650 — — 211 650 861 ( 181 ) 1978 7/17/2013 9 to 35 Years
Church’s Chicken Gulfport, MS (b) 540 429 — — 540 429 969 ( 122 ) 1971 7/17/2013 11 to 35 Years
Church’s Chicken Dallas, TX (b) 392 501 — — 392 501 893 ( 182 ) 1985 7/17/2013 11 to 30 Years
Church’s Chicken Greensboro, AL (b) 100 663 — — 100 663 763 ( 202 ) 1986 7/17/2013 7 to 35 Years
Church’s Chicken Beeville, TX (b) 120 488 — — 120 488 608 ( 206 ) 1972 7/17/2013 9 to 25 Years
1
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Cinemark Tucson, AZ (b) 4,023 10,346 — 52 4,023 10,398 14,421 ( 1,270 ) 2016 2/21/2017 15 to 50 Years
Circle K Akron, OH (b) 424 1,139 — — 424 1,139 1,563 ( 408 ) 1995 7/17/2013 13 to 30 Years
Circle K Cuyahoga Falls, OH (b) 657 1,018 — — 657 1,018 1,675 ( 449 ) 1995 7/17/2013 13 to 30 Years
Circle K Cleveland, OH (b) 804 1,513 — — 804 1,513 2,317 ( 514 ) 2002 7/17/2013 13 to 35 Years
Circle K Akron, OH (b) 587 1,073 — — 587 1,073 1,660 ( 428 ) 1998 7/17/2013 13 to 32 Years
Circle K Augusta, GA (b) 400 1,540 — — 400 1,540 1,940 ( 472 ) 1981 7/17/2013 13 to 30 Years
Circle K Auburn, AL (b) 757 1,199 — — 757 1,199 1,956 ( 527 ) 1990 7/17/2013 10 to 25 Years
Circle K El Paso, TX (b) 1,143 1,029 — — 1,143 1,029 2,172 ( 674 ) 2000 7/17/2013 4 to 27 Years
Circle K Fort Mill, SC (b) 1,589 1,356 — — 1,589 1,356 2,945 ( 462 ) 1999 7/17/2013 10 to 33 Years
Circle K Mount Pleasant, SC (b) 1,328 1,073 — — 1,328 1,073 2,401 ( 369 ) 1978 7/17/2013 7 to 30 Years
Circle K Goose Creek, SC (b) 682 1,571 — — 682 1,571 2,253 ( 714 ) 1983 7/17/2013 7 to 20 Years
Circle K Akron, OH (b) 500 2,058 — — 500 2,058 2,558 ( 603 ) 1999 7/17/2013 15 to 33 Years
Circle K Akron, OH (b) 337 1,149 — — 337 1,149 1,486 ( 347 ) 2001 7/17/2013 15 to 35 Years
Circle K Parma, OH (b) 437 1,166 — — 437 1,166 1,603 ( 346 ) 2002 7/17/2013 15 to 35 Years
Circle K Twinsburg, OH (b) 556 1,317 — — 556 1,317 1,873 ( 415 ) 2005 7/17/2013 15 to 37 Years
Circle K Savannah, GA (b) 1,001 847 — — 1,001 847 1,848 ( 445 ) 1997 7/17/2013 8 to 37 Years
Circle K Phenix City, AL (b) 554 1,392 — — 554 1,392 1,946 ( 496 ) 1999 7/17/2013 13 to 33 Years
Circle K Macon, GA (b) 470 1,226 — — 470 1,226 1,696 ( 529 ) 1974 7/17/2013 7 to 35 Years
Circle K Lanett, AL (b) 299 844 — — 299 844 1,143 ( 341 ) 1974 7/17/2013 10 to 25 Years
Circle K Monroe, LA (b) 517 1,455 — — 517 1,455 1,972 ( 645 ) 1986 7/17/2013 6 to 28 Years
Circle K Akron, OH (b) 595 1,031 — — 595 1,031 1,626 ( 409 ) 1995 7/17/2013 14 to 30 Years
Circle K Akron, OH (b) 554 824 — — 554 824 1,378 ( 295 ) 1969 7/17/2013 14 to 38 Years
Circle K Akron, OH (b) 517 1,122 — — 517 1,122 1,639 ( 432 ) 1994 7/17/2013 13 to 29 Years
Circle K Barberton, OH (b) 255 1,244 — — 255 1,244 1,499 ( 445 ) 1991 7/17/2013 12 to 26 Years
Circle K Charlotte, NC (b) 1,442 789 — — 1,442 789 2,231 ( 442 ) 1997 7/17/2013 8 to 35 Years
Circle K Savannah, GA (b) 831 869 — — 831 869 1,700 ( 368 ) 1990 7/17/2013 14 to 30 Years
Circle K Columbus, GA (b) 574 1,039 — — 574 1,039 1,613 ( 354 ) 1984 7/17/2013 13 to 32 Years
Circle K Opelika, AL (b) 960 1,716 — — 960 1,716 2,676 ( 787 ) 1988 7/17/2013 10 to 25 Years
Circle K Baton Rouge, LA (b) 260 859 — — 260 859 1,119 ( 346 ) 1976 7/17/2013 7 to 25 Years
Circle K West Monroe, LA (b) 686 981 — — 686 981 1,667 ( 723 ) 1983 7/17/2013 5 to 25 Years
Circle K Copley, OH (b) 379 999 — — 379 999 1,378 ( 396 ) 1993 7/17/2013 12 to 28 Years
Circle K Akron, OH (b) 283 1,160 — — 283 1,160 1,443 ( 365 ) 1997 7/17/2013 14 to 32 Years
Circle K Akron, OH (b) 434 1,198 — — 434 1,198 1,632 ( 446 ) 1994 7/17/2013 14 to 29 Years
Circle K Huntersville, NC (b) 1,539 924 — — 1,539 924 2,463 ( 578 ) 1996 7/17/2013 8 to 35 Years
Circle K Springdale, SC (b) 794 767 — — 794 767 1,561 ( 291 ) 1999 7/17/2013 13 to 33 Years
Circle K Charleston, SC (b) 1,547 1,242 — — 1,547 1,242 2,789 ( 677 ) 1987 7/17/2013 7 to 20 Years
Circle K Port Wentworth, GA (b) 1,627 1,131 — — 1,627 1,131 2,758 ( 791 ) 1991 7/17/2013 4 to 35 Years
1
31
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Circle K Columbus, GA (b) 867 2,299 — — 867 2,299 3,166 ( 741 ) 1978 7/17/2013 13 to 30 Years
Circle K Baton Rouge, LA (b) 330 997 — — 330 997 1,327 ( 346 ) 1970 7/17/2013 8 to 30 Years
Circle K Cuyahoga Falls, OH (b) 342 806 — — 342 806 1,148 ( 334 ) 1972 7/17/2013 12 to 26 Years
Circle K Akron, OH (b) 343 1,193 — — 343 1,193 1,536 ( 397 ) 1991 7/17/2013 15 to 31 Years
Circle K Akron, OH (b) 513 1,251 — — 513 1,251 1,764 ( 432 ) 1996 7/17/2013 15 to 31 Years
Circle K Bedford, OH (b) 750 680 — — 750 680 1,430 ( 321 ) 2000 7/17/2013 15 to 33 Years
Circle K El Paso, TX (b) 987 558 — — 987 558 1,545 ( 290 ) 1999 7/17/2013 3 to 26 Years
Circle K Valley, AL (b) 754 804 — — 754 804 1,558 ( 359 ) 1974 7/17/2013 9 to 25 Years
Circle K Midland, GA (b) 637 2,136 — — 637 2,136 2,773 ( 576 ) 1995 7/17/2013 9 to 35 Years
Circle K Columbus, GA (b) 1,465 2,088 — — 1,465 2,088 3,553 ( 729 ) 1995 7/17/2013 11 to 34 Years
Circle K Baton Rouge, LA (b) 481 913 — — 481 913 1,394 ( 374 ) 1977 7/17/2013 8 to 30 Years
Circle K Akron, OH (b) 321 1,179 — — 321 1,179 1,500 ( 401 ) 1994 7/17/2013 13 to 29 Years
Circle K Barberton, OH (b) 884 1,885 — — 884 1,885 2,769 ( 653 ) 1981 7/17/2013 13 to 34 Years
Circle K Norton, OH (b) 581 1,460 — — 581 1,460 2,041 ( 478 ) 1984 7/17/2013 13 to 35 Years
Circle K Willoughby, OH (b) 477 1,167 — — 477 1,167 1,644 ( 397 ) 1986 7/17/2013 13 to 32 Years
Circle K Columbia, SC (b) 1,261 985 — — 1,261 985 2,246 ( 422 ) 1993 7/17/2013 10 to 28 Years
Circle K El Paso, TX (b) 1,090 1,203 — — 1,090 1,203 2,293 ( 654 ) 1999 7/17/2013 6 to 35 Years
Circle K Martinez, GA (b) 626 996 — — 626 996 1,622 ( 574 ) 1985 7/17/2013 3 to 35 Years
Circle K Pine Mountain, GA (b) 454 1,627 — — 454 1,627 2,081 ( 518 ) 1999 7/17/2013 10 to 37 Years
Circle K Beaufort, SC (b) 850 1,337 — — 850 1,337 2,187 ( 494 ) 1997 7/17/2013 12 to 34 Years
Circle K West Monroe, LA (b) 425 1,558 — — 425 1,558 1,983 ( 618 ) 1999 7/17/2013 3 to 35 Years
Circle K Akron, OH (b) 402 1,263 — — 402 1,263 1,665 ( 383 ) 2000 7/17/2013 13 to 34 Years
Circle K Akron, OH (b) 291 1,230 — — 291 1,230 1,521 ( 467 ) 1950 7/17/2013 12 to 25 Years
Circle K Canton, OH (b) 362 1,159 — — 362 1,159 1,521 ( 444 ) 1990 7/17/2013 12 to 26 Years
Circle K Maple Heights, OH (b) 747 917 — — 747 917 1,664 ( 389 ) 1998 7/17/2013 13 to 32 Years
Circle K Brookpark, OH (b) 623 978 — — 623 978 1,601 ( 374 ) 1998 7/17/2013 13 to 32 Years
Circle K Charlotte, NC (b) 1,392 563 — — 1,392 563 1,955 ( 482 ) 1991 7/17/2013 6 to 32 Years
Circle K Mobile, AL (b) 552 1,664 — — 552 1,664 2,216 ( 684 ) 1987 7/17/2013 11 to 24 Years
Circle K Bluffton, SC (b) 1,531 645 — — 1,531 645 2,176 ( 344 ) 1997 7/17/2013 10 to 32 Years
Circle K Macon, GA (b) 471 1,066 — — 471 1,066 1,537 ( 496 ) 1993 7/17/2013 5 to 35 Years
Circle K Mobile, AL (b) 939 878 — — 939 878 1,817 ( 470 ) 1988 7/17/2013 13 to 25 Years
Circle K Shreveport, LA (b) 369 1,183 — — 369 1,183 1,552 ( 463 ) 1988 7/17/2013 4 to 25 Years
Circle K Seville, OH (b) 1,141 2,604 — — 1,141 2,604 3,745 ( 844 ) 2003 7/17/2013 15 to 36 Years
Circle K Barberton, OH (b) 321 1,219 — — 321 1,219 1,540 ( 390 ) 1983 7/17/2013 14 to 31 Years
Circle K Fairlawn, OH (b) 616 1,064 — — 616 1,064 1,680 ( 440 ) 1993 7/17/2013 13 to 28 Years
Circle K Northfield, OH (b) 873 1,633 — — 873 1,633 2,506 ( 594 ) 1983 7/17/2013 15 to 35 Years
Circle K Columbus, GA (b) 730 1,317 — — 730 1,317 2,047 ( 495 ) 1978 7/17/2013 13 to 28 Years
1
3
2
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Circle K Albuquerque, NM (b) 699 777 — — 699 777 1,476 ( 522 ) 1994 7/17/2013 9 to 35 Years
Circle K North Augusta, SC (b) 1,065 894 — — 1,065 894 1,959 ( 318 ) 1999 7/17/2013 12 to 33 Years
Circle K Bossier City, LA (b) 565 1,051 ( 21 ) — 544 1,051 1,595 ( 418 ) 1987 7/17/2013 9 to 25 Years
City Electric Supply Albany, GA (b) 253 919 — — 253 919 1,172 ( 6 ) 1975 11/30/2020 10 to 35 Years
City Electric Supply Boynton Beach, FL (b) 222 613 — — 222 613 835 ( 3 ) 1963 11/30/2020 10 to 40 Years
City Electric Supply Brunswick, GA (b) 282 1,019 — — 282 1,019 1,301 ( 6 ) 1991 11/30/2020 10 to 35 Years
City Electric Supply Calhoun, GA (b) 779 462 — — 779 462 1,241 ( 3 ) 1994 11/30/2020 10 to 35 Years
City Electric Supply Alcoa, TN (b) 264 790 — — 264 790 1,054 ( 5 ) 1955 11/30/2020 10 to 35 Years
City Electric Supply Conway, SC (b) 224 1,102 — — 224 1,102 1,326 ( 3 ) 2008 11/30/2020 11 to 41 Years
City Electric Supply Fernandina Beach, FL (b) 352 868 — — 352 868 1,220 ( 5 ) 1976 11/30/2020 10 to 40 Years
City Electric Supply Franklin, NC (b) 301 1,352 — — 301 1,352 1,653 ( 9 ) 2001 11/30/2020 10 to 36 Years
City Electric Supply Kenwood Estates, FL (b) 359 695 — — 359 695 1,054 ( 4 ) 1995 11/30/2020 10 to 40 Years
City Electric Supply Doral, FL (b) 163 604 — — 163 604 767 ( 1 ) 1983 11/30/2020 10 to 35 Years
City Electric Supply Marble Falls, TX (b) 383 1,682 — — 383 1,682 2,065 ( 9 ) 2007 11/30/2020 10 to 40 Years
City Electric Supply Chattanooga, TN (b) 150 1,241 — — 150 1,241 1,391 ( 3 ) 1957 11/30/2020 10 to 40 Years
City Electric Supply Greenville, SC (b) 754 1,178 — — 754 1,178 1,932 ( 4 ) 1955 11/30/2020 10 to 35 Years
City Electric Supply Griffin, GA (b) 595 955 — — 595 955 1,550 ( 7 ) 2004 11/30/2020 12 to 42 Years
City Electric Supply Jacksonville Beach, FL (b) 184 642 — — 184 642 826 ( 4 ) 1999 11/30/2020 10 to 35 Years
City Electric Supply Jacksonville, FL (b) 239 691 — — 239 691 930 ( 4 ) 1995 11/30/2020 10 to 35 Years
City Electric Supply Lake City, FL (b) 237 598 — — 237 598 835 ( 4 ) 1986 11/30/2020 10 to 35 Years
City Electric Supply Greeley, CO (b) 66 832 — — 66 832 898 ( 2 ) 1999 11/30/2020 41 to 41 Years
City Electric Supply Lancaster, SC (b) 755 756 — — 755 756 1,511 ( 5 ) 1978 11/30/2020 5 to 35 Years
City Electric Supply Lawrenceville, GA (b) 430 1,098 — — 430 1,098 1,528 ( 7 ) 2001 11/30/2020 10 to 42 Years
City Electric Supply Lexington, SC (b) 570 2,077 — — 570 2,077 2,647 ( 8 ) 1992 11/30/2020 10 to 35 Years
City Electric Supply Cumberland, MD (b) 414 1,076 — — 414 1,076 1,490 ( 5 ) 1935 11/30/2020 10 to 40 Years
City Electric Supply Brandon, FL (b) 212 842 — — 212 842 1,054 ( 5 ) 1985 11/30/2020 10 to 35 Years
City Electric Supply Mesa, AZ (b) 84 1,341 — — 84 1,341 1,425 ( 2 ) 2005 11/30/2020 45 to 45 Years
City Electric Supply Kannapolis, NC (b) 254 2,795 — — 254 2,795 3,049 ( 12 ) 1942 11/30/2020 10 to 40 Years
City Electric Supply Clearwater, FL (b) 322 401 — — 322 401 723 ( 2 ) 1987 11/30/2020 10 to 35 Years
City Electric Supply Clermont, FL (b) 160 921 — — 160 921 1,081 ( 2 ) 1997 11/30/2020 35 to 35 Years
City Electric Supply Milton, FL (b) 511 524 — — 511 524 1,035 ( 3 ) 2014 11/30/2020 13 to 43 Years
City Electric Supply Lincolnton, NC (b) 882 1,102 — — 882 1,102 1,984 ( 8 ) 2001 11/30/2020 10 to 36 Years
City Electric Supply West Deland, FL (b) 376 761 — — 376 761 1,137 ( 5 ) 1988 11/30/2020 10 to 35 Years
City Electric Supply Derry, NH (b) 110 921 — — 110 921 1,031 ( 2 ) 2007 11/30/2020 40 to 40 Years
City Electric Supply Phoenix, AZ (b) 79 899 — — 79 899 978 ( 2 ) 2004 11/30/2020 45 to 45 Years
City Electric Supply Moultrie, GA (b) 339 591 — — 339 591 930 ( 5 ) 1997 11/30/2020 10 to 35 Years
City Electric Supply Myrtle Beach, SC (b) 357 1,636 — — 357 1,636 1,993 ( 4 ) 1977 11/30/2020 10 to 37 Years
13
3
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
City Electric Supply Palatka, FL (b) 377 399 — — 377 399 776 ( 3 ) 1995 11/30/2020 10 to 35 Years
City Electric Supply Lynwood, IL (b) 181 1,059 — — 181 1,059 1,240 ( 6 ) 2000 11/30/2020 10 to 42 Years
City Electric Supply Monroe, NC (b) 323 1,744 — — 323 1,744 2,067 ( 9 ) 1996 11/30/2020 11 to 41 Years
City Electric Supply Okeechobee, FL (b) 234 386 — — 234 386 620 ( 3 ) 1981 11/30/2020 10 to 35 Years
City Electric Supply Palm Bay, FL (b) 460 687 — — 460 687 1,147 ( 3 ) 2000 11/30/2020 10 to 35 Years
City Electric Supply Port St Lucie, FL (b) 397 708 — — 397 708 1,105 ( 5 ) 1997 11/30/2020 10 to 40 Years
City Electric Supply Salisbury, NC (b) 440 799 — — 440 799 1,239 ( 5 ) 2012 11/30/2020 12 to 42 Years
City Electric Supply Rock Hill, SC (b) 316 1,254 — — 316 1,254 1,570 ( 8 ) 2009 11/30/2020 11 to 41 Years
City Electric Supply New Bern, NC (b) 300 2,017 — — 300 2,017 2,317 ( 10 ) 1962 11/30/2020 10 to 40 Years
City Electric Supply Rome, GA (b) 706 1,375 — — 706 1,375 2,081 ( 5 ) 2002 11/30/2020 10 to 37 Years
City Electric Supply Rockledge, FL (b) 319 405 — — 319 405 724 ( 3 ) 1992 11/30/2020 10 to 35 Years
City Electric Supply Garden City, GA (b) 412 949 — — 412 949 1,361 ( 6 ) 1986 11/30/2020 10 to 35 Years
City Electric Supply Spartanburg, SC (b) 324 916 — — 324 916 1,240 ( 6 ) 1986 11/30/2020 10 to 35 Years
City Electric Supply Port Orange, FL (b) 318 818 — — 318 818 1,136 ( 5 ) 1990 11/30/2020 10 to 35 Years
City Electric Supply Summerfield, FL (b) 414 249 — — 414 249 663 ( 2 ) 2005 11/30/2020 10 to 39 Years
City Electric Supply Stuart, FL (b) 243 519 — — 243 519 762 ( 3 ) 1966 11/30/2020 10 to 40 Years
City Electric Supply Eastanollee, GA (b) 441 807 — — 441 807 1,248 ( 3 ) 2001 11/30/2020 10 to 37 Years
City Electric Supply Tampa, FL (b) 226 836 — — 226 836 1,062 ( 4 ) 1982 11/30/2020 10 to 40 Years
City Electric Supply Titusville, FL (b) 122 705 — — 122 705 827 ( 3 ) 1978 11/30/2020 10 to 40 Years
City Electric Supply Walterboro, SC (b) 191 812 — — 191 812 1,003 ( 4 ) 1957 11/30/2020 10 to 40 Years
City Electric Supply Warner Robins, GA (b) 418 822 — — 418 822 1,240 ( 6 ) 2003 11/30/2020 10 to 43 Years
City Electric Supply Waycross, GA (b) 558 445 — — 558 445 1,003 ( 2 ) 1998 11/30/2020 10 to 35 Years
City Electric Supply West Palm Beach, FL (b) 213 404 — — 213 404 617 ( 1 ) 1962 11/30/2020 10 to 40 Years
City Electric Supply Winston Salem, NC (b) 839 1,309 — — 839 1,309 2,148 ( 4 ) 1961 11/30/2020 10 to 40 Years
City Electric Supply Valdosta, GA (b) 147 886 — — 147 886 1,033 ( 4 ) 2013 11/30/2020 13 to 48 Years
City Electric Supply Beaufort, SC (b) 326 717 — — 326 717 1,043 ( 2 ) 2017 11/30/2020 10 to 40 Years
City Electric Supply Jupiter, FL (b) 369 664 — — 369 664 1,033 ( 3 ) 1967 11/30/2020 10 to 40 Years
City Electric Supply Fort Myers, FL (b) 707 2,730 — — 707 2,730 3,437 ( 17 ) 1998 11/30/2020 10 to 35 Years
City Electric Supply Gainesville, FL (b) 354 796 — — 354 796 1,150 ( 5 ) 1971 11/30/2020 10 to 35 Years
City Electric Supply Concord, NC (b) 263 1,455 — — 263 1,455 1,718 ( 8 ) 2006 11/30/2020 10 to 39 Years
City Electric Supply Denver, CO (b) 568 1,139 — — 568 1,139 1,707 ( 5 ) 1967 11/30/2020 10 to 40 Years
City Electric Supply Loganville, GA (b) 684 558 — — 684 558 1,242 ( 4 ) 2017 11/30/2020 14 to 44 Years
City Electric Supply Pascagoula, MS (b) 635 1,855 — — 635 1,855 2,490 ( 14 ) 1967 11/30/2020 10 to 35 Years
City Electric Supply South Sumter, SC (b) 522 409 — — 522 409 931 ( 3 ) 2015 11/30/2020 13 to 43 Years
City Electric Supply Miami, FL (b) 330 437 — — 330 437 767 ( 1 ) 2008 11/30/2020 12 to 47 Years
City Electric Supply West Columbia, SC (b) 552 895 — — 552 895 1,447 ( 5 ) 2015 11/30/2020 13 to 43 Years
City Electric Supply Raleigh, NC (b) 382 974 — — 382 974 1,356 ( 5 ) 1992 11/30/2020 13 to 40 Years
13
4
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
City Electric Supply Sebring, FL (b) 235 1,996 — — 235 1,996 2,231 ( 10 ) 2003 11/30/2020 10 to 38 Years
City Electric Supply Altamonte Springs, FL (b) 580 1,953 — — 580 1,953 2,533 ( 11 ) 1989 11/30/2020 10 to 40 Years
City Electric Supply Ocala, FL (b) 480 2,412 — — 480 2,412 2,892 ( 14 ) 2001 11/30/2020 10 to 36 Years
Clean Freak Phoenix, AZ (b) 1,143 439 — — 1,143 439 1,582 ( 139 ) 1970 9/29/2016 21 to 30 Years
Clean Freak Phoenix, AZ (b) 2,066 1,581 — — 2,066 1,581 3,647 ( 376 ) 2009 9/29/2016 21 to 30 Years
Clean Freak Glendale, AZ (b) 1,524 854 — — 1,524 854 2,378 ( 264 ) 1988 9/29/2016 21 to 30 Years
Clean Freak Phoenix, AZ (b) 1,835 2,332 — 54 1,835 2,386 4,221 ( 487 ) 1974 9/29/2016 21 to 30 Years
Clean Freak Chandler, AZ (b) 1,293 1,951 — — 1,293 1,951 3,244 ( 393 ) 2006 9/29/2016 21 to 30 Years
Clean Freak Springfield, IL (b) 548 1,008 — — 548 1,008 1,556 ( 40 ) 2016 1/16/2020 15 to 37 Years
Clean Freak Normal, IL (b) 1,141 2,072 — — 1,141 2,072 3,213 ( 74 ) 2016 1/16/2020 15 to 37 Years
Clean Freak Champaign, IL (b) 1,886 3,356 — — 1,886 3,356 5,242 ( 123 ) 2015 1/16/2020 15 to 37 Years
Columbus Fish Market Grandview, OH (b) 2,164 1,165 — — 2,164 1,165 3,329 ( 667 ) 1960 7/17/2013 9 to 23 Years
Conney Safety Madison, WI (b) 1,189 11,451 — — 1,189 11,451 12,640 ( 479 ) 1986 1/9/2020 9 to 28 Years
Convergys Las Cruces, NM (b) 808 6,045 — — 808 6,045 6,853 ( 1,337 ) 2008 7/17/2013 4 to 52 Years
Cost-U-Less St. Croix, VI (b) 2,132 5,992 — — 2,132 5,992 8,124 ( 1,683 ) 2005 7/17/2013 8 to 37 Years
CoxHealth Springfield, MO (b) 2,025 3,911 — — 2,025 3,911 5,936 ( 1,265 ) 1990 9/23/2014 7 to 30 Years
Crème de la Crème Duluth, GA (b) 1,872 3,338 — 13 1,872 3,351 5,223 ( 128 ) 2007 11/25/2019 7 to 41 Years
Crème de la Crème Romeoville, IL (b) 2,239 3,748 — 12 2,239 3,760 5,999 ( 188 ) 2008 11/25/2019 7 to 36 Years
Crème de la Crème Mount Laurel, NJ (b) 2,378 4,433 — 12 2,378 4,445 6,823 ( 183 ) 2007 11/25/2019 7 to 39 Years
Crème de la Crème Barrington, IL (b) 1,729 2,474 — 12 1,729 2,486 4,215 ( 111 ) 2008 11/25/2019 14 to 38 Years
Crème de la Crème Chicago, IL (b) 2,320 4,962 — 12 2,320 4,974 7,294 ( 170 ) 2009 11/25/2019 12 to 38 Years
Crunch Fitness Aurora, IL (b) 668 2,615 — 23 668 2,638 3,306 ( 496 ) 2006 11/29/2016 9 to 30 Years
Crunch Fitness Lawrenceville, GA (b) 2,330 2,604 — 13 2,330 2,617 4,947 ( 124 ) 2017 11/25/2019 10 to 44 Years
Crunch Fitness Boise, ID (b) 823 3,178 — 545 823 3,723 4,546 ( 452 ) 2003 12/28/2016 10 to 40 Years
Crunch Fitness Meridian, ID (b) 840 2,950 — 1,028 840 3,978 4,818 ( 550 ) 1993 12/28/2016 8 to 30 Years
Crunch Fitness Eagle, ID (b) 1,428 5,591 — 866 1,428 6,457 7,885 ( 995 ) 1999 12/28/2016 10 to 30 Years
Crunch Fitness Boise, ID (b) 1,335 4,982 — 561 1,335 5,543 6,878 ( 881 ) 2001 12/28/2016 8 to 30 Years
C-Store Charlotte, MI (b) 224 157 — — 224 157 381 ( 75 ) 1968 5/19/2016 17 to 30 Years
C-Store Jackson, MI (b) 908 1,132 — — 908 1,132 2,040 ( 310 ) 1969 5/19/2016 21 to 30 Years
C-Store Alma, MI (b) 235 437 — — 235 437 672 ( 109 ) 2006 5/19/2016 17 to 30 Years
C-Store Scottville, MI (b) 235 404 — — 235 404 639 ( 119 ) 1959 5/19/2016 17 to 30 Years
C-Store Allegan, MI (b) 392 224 — — 392 224 616 ( 113 ) 1965 5/19/2016 17 to 30 Years
C-Store Edmore, MI (b) 729 774 — — 729 774 1,503 ( 255 ) 1999 5/19/2016 17 to 40 Years
C-Store Wyoming, MI (b) 314 448 — — 314 448 762 ( 111 ) 1958 5/19/2016 17 to 30 Years
C-Store Hastings, MI (b) 392 437 — 190 392 627 1,019 ( 165 ) 1964 5/19/2016 17 to 30 Years
C-Store Plainwell, MI (b) 785 235 — — 785 235 1,020 ( 163 ) 1998 5/19/2016 17 to 30 Years
C-Store Ithaca, MI (b) 538 381 — — 538 381 919 ( 152 ) 1994 5/19/2016 17 to 30 Years
13
5
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
C-Store Midland, MI (b) 191 67 — — 191 67 258 ( 47 ) 1962 5/19/2016 17 to 30 Years
C-Store Indianapolis, IN (b) 426 191 — — 426 191 617 ( 90 ) 1973 5/19/2016 17 to 30 Years
C-Store Traverse City, MI (b) 482 179 — — 482 179 661 ( 70 ) 1971 5/19/2016 17 to 30 Years
C-Store Burton, MI (b) 336 1,323 — — 336 1,323 1,659 ( 260 ) 1969 5/19/2016 17 to 30 Years
C-Store Holland, MI (b) 235 325 — — 235 325 560 ( 89 ) 1957 5/19/2016 17 to 30 Years
C-Store Norton Shores, MI (b) 325 291 — — 325 291 616 ( 114 ) 1962 5/19/2016 17 to 30 Years
C-Store Rushville, IN (b) 179 112 — — 179 112 291 ( 50 ) 1978 5/19/2016 17 to 30 Years
C-Store Coldwater, MI (b) 258 135 — — 258 135 393 ( 66 ) 1960 5/19/2016 17 to 30 Years
C-Store Fremont, MI (b) 269 269 — — 269 269 538 ( 99 ) 1971 5/19/2016 17 to 30 Years
C-Store Marquette, MI (b) 404 146 — — 404 146 550 ( 68 ) 1968 5/19/2016 17 to 30 Years
C-Store St Johns, MI (b) 460 706 ( 122 ) ( 155 ) 338 551 889 ( 24 ) 2011 5/19/2016 12 to 25 Years
C-Store Mason, MI (b) 258 157 — — 258 157 415 ( 78 ) 1971 5/19/2016 17 to 30 Years
C-Store Freeland, MI (b) 336 437 — — 336 437 773 ( 127 ) 1962 5/19/2016 17 to 30 Years
C-Store Menominee, MI (b) 235 179 — — 235 179 414 ( 73 ) 1966 5/19/2016 17 to 30 Years
C-Store Merrillville, IN (b) 303 247 — — 303 247 550 ( 95 ) 1973 5/19/2016 17 to 30 Years
C-Store Eaton Rapids, MI (b) 291 448 — — 291 448 739 ( 135 ) 1945 5/19/2016 17 to 30 Years
C-Store Muncie, IN (b) 448 135 — — 448 135 583 ( 90 ) 1983 5/19/2016 17 to 30 Years
C-Store Indianapolis, IN (b) 325 157 — — 325 157 482 ( 66 ) 1945 5/19/2016 17 to 30 Years
C-Store Jackson, MI (b) 684 1,188 — — 684 1,188 1,872 ( 290 ) 1963 5/19/2016 17 to 30 Years
C-Store Grayling, MI (b) 2,052 549 — — 2,052 549 2,601 ( 296 ) 1988 5/19/2016 17 to 30 Years
C-Store Alpena, MI (b) 471 561 — — 471 561 1,032 ( 140 ) 1999 5/19/2016 17 to 40 Years
C-Store Midland, MI (b) 314 135 — — 314 135 449 ( 75 ) 1960 5/19/2016 17 to 30 Years
C-Store Stevensville, MI (b) 482 191 — — 482 191 673 ( 120 ) 1960 5/19/2016 17 to 30 Years
C-Store Alpena, MI (b) 392 336 — — 392 336 728 ( 108 ) 1998 5/19/2016 17 to 40 Years
C-Store Greenville, MI (b) 437 628 — 194 437 822 1,259 ( 174 ) 1968 5/19/2016 17 to 30 Years
C-Store Lansing, MI (b) 269 179 — — 269 179 448 ( 79 ) 1965 5/19/2016 17 to 30 Years
C-Store Swartz Creek, MI (b) 213 460 — — 213 460 673 ( 113 ) 1952 5/19/2016 17 to 30 Years
C-Store Spring Lake, MI (b) 247 325 — 190 247 515 762 ( 124 ) 1964 5/19/2016 17 to 30 Years
C-Store Sault Ste Marie, MI (b) 1,760 561 — — 1,760 561 2,321 ( 267 ) 1993 5/19/2016 17 to 30 Years
C-Store Coopersville, MI (b) 998 572 — — 998 572 1,570 ( 205 ) 1968 5/19/2016 17 to 30 Years
C-Store Cedar Springs, MI (b) 191 348 — — 191 348 539 ( 89 ) 1965 5/19/2016 17 to 30 Years
C-Store Saginaw, MI (b) 1,177 594 — — 1,177 594 1,771 ( 236 ) 1989 5/19/2016 17 to 30 Years
C-Store Saginaw, MI (b) 359 191 — — 359 191 550 ( 65 ) 1969 5/19/2016 17 to 30 Years
C-Store Three Rivers, MI (b) 1,256 1,401 — — 1,256 1,401 2,657 ( 386 ) 1982 5/19/2016 20 to 30 Years
C-Store Saginaw, MI (b) 224 135 — — 224 135 359 ( 63 ) 1960 5/19/2016 17 to 30 Years
C-Store Grand Haven, MI (b) 661 628 — — 661 628 1,289 ( 184 ) 1992 5/19/2016 17 to 30 Years
C-Store Jackson, MI (b) 247 179 — — 247 179 426 ( 82 ) 1965 5/19/2016 17 to 30 Years
13
6
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
C-Store Hillsdale, MI (b) 325 157 — — 325 157 482 ( 72 ) 1968 5/19/2016 17 to 30 Years
C-Store Muskegon, MI (b) 291 471 — — 291 471 762 ( 138 ) 1964 5/19/2016 17 to 30 Years
C-Store Zeeland, MI (b) 213 426 — — 213 426 639 ( 101 ) 1989 5/19/2016 17 to 30 Years
C-Store Sparta, MI (b) 291 650 — — 291 650 941 ( 154 ) 1993 5/19/2016 17 to 30 Years
C-Store Lansing, MI (b) 336 168 — — 336 168 504 ( 95 ) 1978 5/19/2016 17 to 30 Years
C-Store Muskegon, MI (b) 605 650 — — 605 650 1,255 ( 190 ) 1959 5/19/2016 17 to 30 Years
C-Store Cadillac, MI (b) 370 404 — — 370 404 774 ( 125 ) 1971 5/19/2016 17 to 30 Years
C-Store Cynthiana, KY (b) 119 596 — — 119 596 715 ( 135 ) 1985 6/30/2015 15 to 30 Years
C-Store Carlisle, KY (b) 209 586 — — 209 586 795 ( 148 ) 1989 6/30/2015 15 to 30 Years
C-Store Georgetown, KY (b) 815 934 — — 815 934 1,749 ( 255 ) 1998 6/30/2015 15 to 30 Years
C-Store Clay City, KY (b) 397 884 — — 397 884 1,281 ( 264 ) 2002 6/30/2015 15 to 30 Years
C-Store Winchester, KY (b) 755 775 — — 755 775 1,530 ( 229 ) 1981 6/30/2015 15 to 30 Years
C-Store Paris, KY (b) 209 576 — — 209 576 785 ( 146 ) 1992 6/30/2015 15 to 30 Years
C-Store Georgetown, KY (b) 725 805 — — 725 805 1,530 ( 228 ) 1989 6/30/2015 15 to 30 Years
C-Store Mount Sterling, KY (b) 1,103 1,103 — — 1,103 1,103 2,206 ( 330 ) 2000 6/30/2015 15 to 30 Years
C-Store Irvine, KY (b) 219 666 — — 219 666 885 ( 177 ) 1987 6/30/2015 15 to 30 Years
C-Store McKee, KY (b) 119 973 — — 119 973 1,092 ( 200 ) 1983 6/30/2015 15 to 30 Years
C-Store Hazard, KY (b) 288 805 — — 288 805 1,093 ( 191 ) 1991 6/30/2015 15 to 30 Years
C-Store Campton, KY (b) 189 735 — — 189 735 924 ( 171 ) 1996 6/30/2015 15 to 30 Years
C-Store Flemingsburg, KY (b) 1,073 1,212 — — 1,073 1,212 2,285 ( 353 ) 1997 6/30/2015 15 to 30 Years
C-Store Jackson, KY (b) 417 765 — — 417 765 1,182 ( 195 ) 1982 6/30/2015 15 to 30 Years
C-Store Paris, KY (b) 129 636 — — 129 636 765 ( 142 ) 1988 6/30/2015 15 to 30 Years
C-Store Carlisle, KY (b) 298 874 — — 298 874 1,172 ( 222 ) 2005 6/30/2015 15 to 30 Years
C-Store Beattyville, KY (b) 278 795 — — 278 795 1,073 ( 186 ) 1981 6/30/2015 15 to 30 Years
C-Store Harrodsburg, KY (b) 228 824 — — 228 824 1,052 ( 195 ) 1973 6/30/2015 15 to 30 Years
C-Store Moneta, VA (b) 437 934 — — 437 934 1,371 ( 259 ) 1999 6/30/2015 15 to 30 Years
C-Store South Boston, VA (b) 407 834 — — 407 834 1,241 ( 197 ) 1983 6/30/2015 15 to 30 Years
C-Store Rustburg, VA (b) 526 775 — — 526 775 1,301 ( 233 ) 1990 6/30/2015 15 to 30 Years
C-Store Roanoke, VA (b) 616 534 — — 616 534 1,150 ( 167 ) 1988 6/30/2015 15 to 30 Years
C-Store South Boston, VA (b) 894 1,232 — — 894 1,232 2,126 ( 324 ) 1997 6/30/2015 15 to 30 Years
C-Store Lynchburg, VA (b) 467 1,391 — — 467 1,391 1,858 ( 313 ) 2006 6/30/2015 15 to 30 Years
C-Store Gretna, VA (b) 268 798 — — 268 798 1,066 ( 205 ) 1978 6/30/2015 15 to 30 Years
C-Store Gretna, VA (b) 159 1,083 — — 159 1,083 1,242 ( 239 ) 1996 6/30/2015 15 to 30 Years
C-Store South Boston, VA (b) 368 517 — — 368 517 885 ( 157 ) 1997 6/30/2015 15 to 30 Years
C-Store Roanoke, VA (b) 238 497 — — 238 497 735 ( 117 ) 1988 6/30/2015 15 to 30 Years
C-Store Madison Heights, VA (b) 268 417 — — 268 417 685 ( 113 ) 1983 6/30/2015 15 to 30 Years
C-Store Lynchburg, VA (b) 517 1,142 — — 517 1,142 1,659 ( 282 ) 2000 6/30/2015 15 to 30 Years
13
7
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
C-Store South Boston, VA (b) 377 705 — — 377 705 1,082 ( 166 ) 1988 6/30/2015 15 to 30 Years
C-Store Blairs, VA (b) 318 636 — — 318 636 954 ( 153 ) 1987 6/30/2015 15 to 30 Years
C-Store Daleville, VA (b) 467 616 — — 467 616 1,083 ( 175 ) 1989 6/30/2015 15 to 30 Years
C-Store Hurt, VA (b) 685 1,023 — — 685 1,023 1,708 ( 293 ) 1973 6/30/2015 15 to 30 Years
C-Store Bedford, VA (b) 258 818 — — 258 818 1,076 ( 194 ) 1997 6/30/2015 15 to 30 Years
C-Store Salem, VA (b) 209 576 — — 209 576 785 ( 146 ) 1970 6/30/2015 15 to 30 Years
C-Store Roanoke, VA (b) 397 685 — — 397 685 1,082 ( 180 ) 1997 6/30/2015 15 to 30 Years
C-Store Forest, VA (b) 248 834 — — 248 834 1,082 ( 197 ) 1995 6/30/2015 15 to 30 Years
C-Store Danville, VA (b) 348 477 — — 348 477 825 ( 135 ) 1989 6/30/2015 15 to 30 Years
C-Store Altavista, VA (b) 358 1,401 — — 358 1,401 1,759 ( 308 ) 1981 6/30/2015 15 to 30 Years
C-Store Roanoke, VA (b) 397 785 — — 397 785 1,182 ( 198 ) 1986 6/30/2015 15 to 30 Years
C-Store Salem, VA (b) 387 1,172 — — 387 1,172 1,559 ( 273 ) 1973 6/30/2015 15 to 30 Years
C-Store Salem, VA (b) 646 517 — — 646 517 1,163 ( 160 ) 1987 6/30/2015 15 to 30 Years
C-Store Altavista, VA (b) 467 745 — — 467 745 1,212 ( 198 ) 1984 6/30/2015 15 to 30 Years
C-Store Jacksonville, FL (b) 2,285 1,537 — 50 2,285 1,587 3,872 ( 705 ) 2010 10/28/2015 15 to 40 Years
C-Store Apopka, FL (b) 1,357 748 — 55 1,357 803 2,160 ( 439 ) 1997 10/28/2015 15 to 30 Years
C-Store Belle Isle, FL (b) 908 738 — 168 908 906 1,814 ( 299 ) 1996 10/27/2015 15 to 30 Years
C-Store Orlando, FL (b) 1,397 1,028 — 127 1,397 1,155 2,552 ( 489 ) 1990 10/29/2015 15 to 30 Years
C-Store Okeechobee, FL (b) 468 936 — — 468 936 1,404 ( 249 ) 1976 10/30/2014 15 to 40 Years
C-Store Fort Pierce, FL (b) 681 1,404 — — 681 1,404 2,085 ( 356 ) 1989 10/30/2014 15 to 40 Years
C-Store Okeechobee, FL (b) 808 1,191 — — 808 1,191 1,999 ( 367 ) 1984 10/30/2014 15 to 40 Years
C-Store Fort Pierce, FL (b) 1,064 1,659 — — 1,064 1,659 2,723 ( 466 ) 1977 10/30/2014 15 to 40 Years
C-Store Okeechobee, FL (b) 386 1,764 — — 386 1,764 2,150 ( 366 ) 1975 10/30/2014 15 to 40 Years
C-Store Okeechobee, FL (b) 558 1,024 — — 558 1,024 1,582 ( 265 ) 1986 10/30/2014 15 to 40 Years
C-Store Belle Glade, FL (b) 978 1,184 — — 978 1,184 2,162 ( 288 ) 1960 10/30/2014 15 to 40 Years
C-Store Yarmouth, ME (b) 950 278 — — 950 278 1,228 ( 186 ) 1990 1/24/2014 14 to 40 Years
C-Store Waldoboro, ME (b) 1,450 834 — — 1,450 834 2,284 ( 372 ) 1996 1/24/2014 14 to 40 Years
C-Store Wiscasset, ME (b) 1,305 538 — — 1,305 538 1,843 ( 380 ) 1992 1/24/2014 14 to 30 Years
C-Store South Portland, ME (b) 448 593 — — 448 593 1,041 ( 193 ) 1970 1/24/2014 14 to 40 Years
C-Store Hampden, ME (b) 987 424 — — 987 424 1,411 ( 328 ) 1997 1/24/2014 14 to 30 Years
C-Store Presque Isle, ME (b) 708 390 — — 708 390 1,098 ( 255 ) 1995 1/24/2014 14 to 30 Years
C-Store Bucksport, ME (b) 1,203 587 — — 1,203 587 1,790 ( 248 ) 1995 1/24/2014 14 to 40 Years
C-Store Belmont, NH (b) 315 218 — — 315 218 533 ( 107 ) 1969 1/24/2014 14 to 30 Years
C-Store Laconia, NH (b) 411 770 — — 411 770 1,181 ( 278 ) 1998 1/24/2014 14 to 30 Years
C-Store Raymond, NH (b) 1,722 430 — — 1,722 430 2,152 ( 379 ) 1986 1/24/2014 14 to 20 Years
C-Store Grandtham, NH (b) 576 394 — — 576 394 970 ( 190 ) 1989 1/24/2014 14 to 30 Years
C-Store Belmont, NH (b) 524 879 — — 524 879 1,403 ( 341 ) 2002 1/24/2014 14 to 30 Years
13
8
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
C-Store Keene, NH (b) 553 289 — — 553 289 842 ( 142 ) 1960 1/24/2014 14 to 30 Years
C-Store Barton, VT (b) 307 609 — — 307 609 916 ( 164 ) 1975 1/24/2014 14 to 40 Years
C-Store Sherman Mills, ME (b) 259 163 — — 259 163 422 ( 120 ) 1974 6/28/2012 15 to 20 Years
C-Store Bangor, ME (b) 327 141 — — 327 141 468 ( 141 ) 1973 6/28/2012 15 to 15 Years
C-Store Calais, ME (b) 187 213 — — 187 213 400 ( 128 ) 1968 6/28/2012 15 to 20 Years
C-Store Brewer, ME (b) 238 260 — — 238 260 498 ( 138 ) 1967 6/28/2012 15 to 25 Years
C-Store Harrington, ME (b) 331 459 — — 331 459 790 ( 213 ) 1992 6/28/2012 15 to 32 Years
C-Store Lewiston, ME (b) 460 341 — — 460 341 801 ( 183 ) 1994 6/28/2012 15 to 28 Years
C-Store Rockland, ME (b) 211 303 — — 211 303 514 ( 126 ) 1984 6/28/2012 15 to 28 Years
C-Store Oakfield, ME (b) 273 229 — — 273 229 502 ( 147 ) 1993 6/28/2012 15 to 25 Years
C-Store Ashland, NH (b) 398 157 — — 398 157 555 ( 100 ) 1970 6/28/2012 15 to 20 Years
C-Store Berlin, NH (b) 387 317 — — 387 317 704 ( 183 ) 1991 6/28/2012 15 to 22 Years
C-Store Paris, ME (b) 139 153 — — 139 153 292 ( 104 ) 1954 6/28/2012 15 to 17 Years
C-Store Madison, ME (b) 130 410 — — 130 410 540 ( 168 ) 1988 6/28/2012 15 to 25 Years
C-Store Bartlett, NH (b) 325 399 — — 325 399 724 ( 160 ) 1998 6/28/2012 15 to 32 Years
C-Store Auburn, ME (b) 371 444 — — 371 444 815 ( 177 ) 1996 6/28/2012 15 to 30 Years
C-Store Auburn, ME (b) 287 222 — — 287 222 509 ( 127 ) 1968 6/28/2012 15 to 20 Years
C-Store South Portland, ME (b) 661 194 — — 661 194 855 ( 173 ) 1970 6/28/2012 15 to 15 Years
C-Store Freeport, ME (b) 503 343 — — 503 343 846 ( 159 ) 1991 6/28/2012 15 to 26 Years
C-Store Sanford, ME (b) 807 579 — — 807 579 1,386 ( 230 ) 1997 6/28/2012 15 to 28 Years
C-Store Gorham, NH (b) 723 358 — — 723 358 1,081 ( 239 ) 1975 6/28/2012 15 to 18 Years
C-Store Manchester, ME (b) 279 285 — — 279 285 564 ( 166 ) 1990 6/28/2012 15 to 20 Years
C-Store Augusta, ME (b) 318 322 — — 318 322 640 ( 131 ) 1997 6/28/2012 15 to 28 Years
C-Store Concord, NH (b) 260 330 — — 260 330 590 ( 147 ) 1988 6/28/2012 15 to 25 Years
C-Store Newport, NH (b) 519 581 — — 519 581 1,100 ( 249 ) 1998 6/28/2012 15 to 30 Years
C-Store Youngstown, FL (b) 1,449 1,763 — 33 1,449 1,796 3,245 ( 523 ) 1999 4/26/2017 15 to 30 Years
C-Store Roebuck, SC (b) 708 818 — 150 708 968 1,676 ( 502 ) 1992 1/1/2014 8 to 29 Years
C-Store Honea Path, SC (b) 1,269 1,134 ( 1 ) 174 1,268 1,308 2,576 ( 765 ) 1996 1/1/2014 8 to 29 Years
C-Store Laurens, SC (b) 504 622 1 116 505 738 1,243 ( 371 ) 1992 1/1/2014 8 to 29 Years
C-Store Asheville, NC (b) 278 776 — 167 278 943 1,221 ( 375 ) 2000 1/1/2014 8 to 29 Years
C-Store Inman, SC (b) 2,183 897 — 163 2,183 1,060 3,243 ( 1,100 ) 1994 5/8/2013 8 to 29 Years
C-Store Summerville, SC (b) 1,317 1,459 ( 151 ) 206 1,166 1,665 2,831 ( 644 ) 2001 5/8/2013 8 to 29 Years
C-Store Murphy, NC (b) 489 297 — 50 489 347 836 ( 196 ) 1965 5/8/2013 8 to 19 Years
C-Store Asheville, NC (b) 247 497 — 86 247 583 830 ( 253 ) 1986 1/1/2014 8 to 29 Years
C-Store Harriman, TN (b) 400 — — — 400 — 400 — (e) 6/28/2019 (e)
C-Store Maynardville, TN (b) 830 — — — 830 — 830 — (e) 6/28/2019 (e)
C-Store Athens, TN (b) 1,140 — — — 1,140 — 1,140 — (e) 6/28/2019 (e)
13
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
C-Store Vonore, TN (b) 930 — — — 930 — 930 — (e) 6/28/2019 (e)
C-Store Loudon, TN (b) 1,283 — — — 1,283 — 1,283 — (e) 6/28/2019 (e)
C-Store Wartburg, TN (b) 520 — — — 520 — 520 — (e) 6/28/2019 (e)
C-Store Kingston, TN (b) 483 — — — 483 — 483 — (e) 6/28/2019 (e)
C-Store Harriman, TN (b) 709 — — — 709 — 709 — (e) 6/28/2019 (e)
C-Store Dandridge, TN (b) 959 — — — 959 — 959 — (e) 6/28/2019 (e)
C-Store Rockwood, TN (b) 358 — — — 358 — 358 — (e) 6/28/2019 (e)
C-Store Jellico, TN (b) 1,874 — — — 1,874 — 1,874 — (e) 6/28/2019 (e)
C-Store Cleveland, TN (b) 359 — — — 359 — 359 — (e) 6/28/2019 (e)
C-Store Spring City, TN (b) 1,634 — — — 1,634 — 1,634 — (e) 6/28/2019 (e)
C-Store Cleveland, TN (b) 1,228 — — — 1,228 — 1,228 — (e) 6/28/2019 (e)
C-Store Powell, TN (b) 868 — — — 868 — 868 — (e) 6/28/2019 (e)
C-Store Oak Ridge, TN (b) 1,807 — — — 1,807 — 1,807 — (e) 6/28/2019 (e)
C-Store Jellico, TN (b) 1,148 — — — 1,148 — 1,148 — (e) 6/28/2019 (e)
C-Store Clinton, TN (b) 868 — — — 868 — 868 — (e) 6/28/2019 (e)
C-Store Clinton, TN (b) 939 — — — 939 — 939 — (e) 6/28/2019 (e)
C-Store Harriman, TN (b) 1,048 — — — 1,048 — 1,048 — (e) 6/28/2019 (e)
C-Store Athens, TN (b) 620 — — — 620 — 620 — (e) 6/28/2019 (e)
C-Store Harriman, TN (b) 780 — — — 780 — 780 — (e) 6/28/2019 (e)
C-Store Knoxville, TN (b) 650 — — — 650 — 650 — (e) 6/28/2019 (e)
C-Store Lenoir City, TN (b) 830 — — — 830 — 830 — (e) 6/28/2019 (e)
C-Store Oak Ridge, TN (b) 880 — — — 880 — 880 — (e) 6/28/2019 (e)
C-Store Kingston, TN (b) 1,299 — — — 1,299 — 1,299 — (e) 6/28/2019 (e)
C-Store Rockwood, TN (b) 910 — — — 910 — 910 — (e) 6/28/2019 (e)
C-Store Knoxville, TN (b) 1,441 — — — 1,441 — 1,441 — (e) 6/28/2019 (e)
C-Store Cleveland, TN (b) 771 — — — 771 — 771 — (e) 6/28/2019 (e)
C-Store Kingston, TN (b) 499 — — — 499 — 499 — (e) 6/28/2019 (e)
C-Store Sumiton, AL (b) 1,138 420 — — 1,138 420 1,558 ( 324 ) 1970 7/11/2016 11 to 20 Years
C-Store Sylacauga, AL (b) 560 438 — — 560 438 998 ( 182 ) 1948 7/11/2016 15 to 20 Years
C-Store Anniston, AL (b) 490 210 — — 490 210 700 ( 131 ) 1960 7/11/2016 15 to 20 Years
C-Store Ragland, AL (b) 385 595 — — 385 595 980 ( 142 ) 1986 7/11/2016 15 to 30 Years
C-Store Lagrange, GA (b) 1,033 368 — — 1,033 368 1,401 ( 203 ) 1972 7/11/2016 15 to 20 Years
C-Store Auburn, AL (b) 2,188 945 — 85 2,188 1,030 3,218 ( 334 ) 2001 7/11/2016 22 to 40 Years
C-Store Greenville, AL (b) 1,278 490 — — 1,278 490 1,768 ( 268 ) 1991 7/11/2016 19 to 30 Years
C-Store Lanett, AL (b) 788 350 — — 788 350 1,138 ( 205 ) 1975 7/11/2016 15 to 20 Years
C-Store Lincoln, AL (b) 1,785 1,312 — 2 1,785 1,314 3,099 ( 370 ) 2001 7/11/2016 22 to 40 Years
C-Store Montgomery, AL (b) 648 228 — — 648 228 876 ( 146 ) 1965 7/11/2016 15 to 20 Years
1
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
C-Store Prattville, AL (b) 1,978 735 — — 1,978 735 2,713 ( 284 ) 1995 7/11/2016 19 to 30 Years
C-Store Panama City, FL (b) 630 298 — — 630 298 928 ( 156 ) 1951 7/11/2016 15 to 20 Years
C-Store Valley, AL (b) 280 368 — — 280 368 648 ( 125 ) 1955 7/11/2016 15 to 20 Years
C-Store Lebo, KS (b) 1,951 762 — — 1,951 762 2,713 ( 421 ) 1976 11/18/2014 15 to 20 Years
C-Store Kearney, MO (b) 529 925 — — 529 925 1,454 ( 266 ) 2001 11/18/2014 15 to 30 Years
C-Store Cleveland, MO (b) 701 894 — — 701 894 1,595 ( 387 ) 1994 11/18/2014 15 to 20 Years
C-Store Kansas City, MO (b) 925 1,027 — — 925 1,027 1,952 ( 315 ) 1996 11/18/2014 15 to 30 Years
C-Store Scottsdale, AZ (b) 4,416 2,384 — — 4,416 2,384 6,800 ( 1,561 ) 2000 7/2/2007 15 to 40 Years
C-Store Scottsdale, AZ (b) 5,123 2,683 — — 5,123 2,683 7,806 ( 2,227 ) 1991 7/2/2007 15 to 40 Years
C-Store Cave Creek, AZ (b) 2,711 2,201 — — 2,711 2,201 4,912 ( 1,320 ) 1998 7/2/2007 15 to 40 Years
C-Store Scottsdale, AZ (b) 3,437 2,373 — — 3,437 2,373 5,810 ( 1,971 ) 1996 7/2/2007 15 to 40 Years
C-Store Phoenix, AZ (b) 2,243 4,243 — — 2,243 4,243 6,486 ( 2,310 ) 2001 7/2/2007 15 to 40 Years
C-Store Scottsdale, AZ (b) 2,765 2,196 — — 2,765 2,196 4,961 ( 1,433 ) 1995 7/2/2007 15 to 40 Years
C-Store Oakland, FL (b) 1,303 1,109 — — 1,303 1,109 2,412 ( 617 ) 2002 12/19/2013 15 to 30 Years
C-Store Huntsville, AR (b) 359 504 — 65 359 569 928 ( 141 ) 2003 9/30/2016 15 to 40 Years
C-Store Butler, MO (b) 919 1,076 — 113 919 1,189 2,108 ( 346 ) 1996 9/30/2016 15 to 30 Years
C-Store Orlando, FL (b) 1,644 1,829 — — 1,644 1,829 3,473 ( 615 ) 2000 12/19/2013 15 to 40 Years
C-Store Joplin, MO (b) 352 434 — 28 352 462 814 ( 85 ) 2008 5/5/2017 15 to 40 Years
C-Store Clinton, MO (b) 291 404 — — 291 404 695 ( 111 ) 1960 9/30/2016 15 to 30 Years
C-Store Kimberling City, MO (b) 173 474 — 98 173 572 745 ( 84 ) 1950 3/23/2017 15 to 30 Years
C-Store Orlando, FL (b) 973 350 — — 973 350 1,323 ( 277 ) 1991 12/19/2013 15 to 30 Years
C-Store Bergman, AR (b) 404 549 — — 404 549 953 ( 154 ) 1996 9/30/2016 14 to 40 Years
C-Store Fayetteville, AR (b) 1,760 953 — 80 1,760 1,033 2,793 ( 250 ) 1996 9/30/2016 16 to 40 Years
C-Store Richland, MO (b) 2,657 1,181 — — 2,657 1,181 3,838 ( 796 ) 1984 5/5/2017 10 to 20 Years
C-Store Orlando, FL (b) 1,128 496 — — 1,128 496 1,624 ( 325 ) 1995 12/19/2013 15 to 30 Years
C-Store Berryville, AR (b) 314 381 — — 314 381 695 ( 105 ) 1996 9/30/2016 14 to 40 Years
C-Store Holiday Island, AR (b) 222 357 — — 222 357 579 ( 93 ) 2000 5/5/2017 10 to 30 Years
C-Store Apopka, FL (b) 477 389 — — 477 389 866 ( 177 ) 1989 12/19/2013 15 to 30 Years
C-Store Branson, MO (b) 1,781 2,864 — 80 1,781 2,944 4,725 ( 637 ) 1992 3/23/2017 15 to 30 Years
C-Store Harrison, AR (b) 594 482 — 66 594 548 1,142 ( 135 ) 1981 9/30/2016 16 to 40 Years
C-Store Orlando, FL (b) 1,303 496 — — 1,303 496 1,799 ( 311 ) 1994 12/19/2013 15 to 30 Years
C-Store Branson, MO (b) 1,177 1,199 — 53 1,177 1,252 2,429 ( 345 ) 1999 9/30/2016 12 to 40 Years
C-Store Springfield, MO (b) 431 732 — 141 431 873 1,304 ( 204 ) 1988 3/31/2016 18 to 30 Years
C-Store Springdale, AR (b) 2,119 1,401 — 157 2,119 1,558 3,677 ( 421 ) 2010 9/30/2016 17 to 40 Years
C-Store Harrison, AR (b) 2,309 2,040 — — 2,309 2,040 4,349 ( 926 ) 1996 9/30/2016 11 to 30 Years
C-Store Orlando, FL (b) 1,167 982 — — 1,167 982 2,149 ( 493 ) 2001 12/19/2013 15 to 30 Years
C-Store Springfield, MO (b) 327 732 — 41 327 773 1,100 ( 178 ) 1987 3/31/2016 18 to 30 Years
1
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
C-Store Springfield, MO (b) 562 1,007 — 47 562 1,054 1,616 ( 257 ) 1989 3/31/2016 18 to 30 Years
C-Store Neosho, MO (b) 504 628 — 43 504 671 1,175 ( 168 ) 2002 9/30/2016 14 to 40 Years
C-Store Harrison, AR (b) 235 202 — 123 235 325 560 ( 83 ) 1971 9/30/2016 17 to 30 Years
C-Store Kissimmee, FL (b) 759 1,061 — 13 759 1,074 1,833 ( 490 ) 2005 12/19/2013 15 to 30 Years
C-Store Ridgedale, MO (b) 1,199 1,177 — 58 1,199 1,235 2,434 ( 351 ) 1995 9/30/2016 13 to 30 Years
C-Store Harrison, AR (b) 224 717 — 60 224 777 1,001 ( 159 ) 1980 9/30/2016 12 to 30 Years
C-Store Orlando, FL (b) 1,080 798 — — 1,080 798 1,878 ( 368 ) 2001 12/19/2013 15 to 30 Years
C-Store Forsyth, MO (b) 370 572 — — 370 572 942 ( 156 ) 1950 9/30/2016 14 to 30 Years
C-Store Harrison, AR (b) 392 336 — 161 392 497 889 ( 151 ) 1982 9/30/2016 12 to 30 Years
C-Store Fayetteville, AR (b) 986 897 — 128 986 1,025 2,011 ( 271 ) 1996 9/30/2016 15 to 30 Years
C-Store Yellville, AR (b) 269 740 — 87 269 827 1,096 ( 182 ) 1984 9/30/2016 13 to 30 Years
C-Store Harrison, AR (b) 673 471 — 73 673 544 1,217 ( 139 ) 1985 9/30/2016 14 to 30 Years
C-Store Lead Hill, AR (b) 258 1,054 — 78 258 1,132 1,390 ( 208 ) 1974 9/30/2016 15 to 30 Years
C-Store Oviedo, FL (b) 973 798 — — 973 798 1,771 ( 409 ) 1995 12/19/2013 15 to 30 Years
C-Store Branson, MO (b) 605 818 — 7 605 825 1,430 ( 224 ) 1993 9/30/2016 15 to 30 Years
C-Store Mountain Home, AR (b) 224 493 — 90 224 583 807 ( 113 ) 1991 9/30/2016 12 to 40 Years
C-Store Marshfield, MO (b) 615 811 — 32 615 843 1,458 ( 218 ) 1987 3/31/2016 18 to 30 Years
Curacao
(f)
Fountain Valley, CA (b) 9,470 13,326 ( 2,049 ) ( 5,007 ) 7,421 8,319 15,740 ( 345 ) 1968 12/30/2014 6 to 24 Years
Curt Manufacturing Altoona, WI (b) 3,184 5,766 — — 3,184 5,766 8,950 ( 79 ) 2009 11/13/2020 10 to 29 Years
Curt Manufacturing Altoona, WI (b) 1,398 7,278 — — 1,398 7,278 8,676 ( 63 ) 2010 11/13/2020 9 to 29 Years
CVS St. John, MO (b) 1,733 3,095 91 365 1,824 3,460 5,284 ( 1,482 ) 1996 7/17/2013 1 to 43 Years
CVS Glenville Scotia, NY (b) 1,314 3,964 — — 1,314 3,964 5,278 ( 936 ) 2006 7/17/2013 12 to 43 Years
CVS Clinton, NY (b) 1,050 2,090 — — 1,050 2,090 3,140 ( 584 ) 2005 7/17/2013 11 to 42 Years
CVS Mechanicville, NY (b) 654 3,120 — — 654 3,120 3,774 ( 734 ) 1997 7/17/2013 4 to 38 Years
CVS Dallas, TX (b) 945 1,967 — — 945 1,967 2,912 ( 473 ) 1995 7/17/2013 1 to 39 Years
CVS Maynard, MA (b) 1,683 3,984 — — 1,683 3,984 5,667 ( 831 ) 2004 7/17/2013 14 to 42 Years
CVS Lake Worth, TX (b) 1,044 1,817 — — 1,044 1,817 2,861 ( 609 ) 1996 7/17/2013 2 to 30 Years
CVS Richardson, TX (a) 803 2,575 — — 803 2,575 3,378 ( 584 ) 1996 7/17/2013 3 to 40 Years
CVS River Oaks, TX (a) 829 2,871 — — 829 2,871 3,700 ( 711 ) 1996 7/17/2013 3 to 40 Years
CVS The Colony, TX (b) 1,028 1,769 — — 1,028 1,769 2,797 ( 437 ) 1996 7/17/2013 1 to 40 Years
CVS Wichita Falls, TX (b) 503 2,530 — — 503 2,530 3,033 ( 612 ) 1995 7/17/2013 2 to 40 Years
CVS Wichita Falls, TX (b) 528 2,022 — — 528 2,022 2,550 ( 472 ) 1995 7/17/2013 1 to 40 Years
CVS Amarillo, TX (b) 916 2,747 — — 916 2,747 3,663 ( 824 ) 1994 7/17/2013 20 to 20 Years
CVS Richland Hills, TX (a) 997 2,951 — — 997 2,951 3,948 ( 682 ) 1997 7/17/2013 4 to 40 Years
CVS Alpharetta, GA (a) 968 2,614 — — 968 2,614 3,582 ( 648 ) 1998 7/17/2013 5 to 40 Years
CVS Atlanta, GA (a) 1,316 2,266 — — 1,316 2,266 3,582 ( 600 ) 2006 7/17/2013 14 to 42 Years
CVS Lincoln, IL (a) 444 3,043 — — 444 3,043 3,487 ( 725 ) 2007 7/17/2013 11 to 43 Years
1
42
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
CVS Okeechobee, FL (b) 674 5,088 — — 674 5,088 5,762 ( 1,435 ) 2001 7/17/2013 9 to 30 Years
CVS Orlando, FL (b) 781 3,799 — — 781 3,799 4,580 ( 1,085 ) 2005 7/17/2013 10 to 30 Years
CVS Kissimmee, FL (b) 1,508 2,153 — — 1,508 2,153 3,661 ( 562 ) 1995 7/17/2013 2 to 40 Years
CVS Indianapolis, IN (a) 733 2,882 — — 733 2,882 3,615 ( 723 ) 1997 7/17/2013 10 to 38 Years
CVS Indianapolis, IN (a) 860 2,754 — — 860 2,754 3,614 ( 711 ) 1998 7/17/2013 10 to 40 Years
CVS Gulfport, MS (b) 441 4,208 — — 441 4,208 4,649 ( 905 ) 2000 7/17/2013 12 to 40 Years
CVS Madison, MS (b) 745 3,323 — — 745 3,323 4,068 ( 777 ) 2004 7/17/2013 11 to 40 Years
CVS Waynesville, NC (b) 1,495 2,365 — — 1,495 2,365 3,860 ( 583 ) 2005 7/17/2013 12 to 42 Years
CVS Hamilton, OH (b) 738 2,429 — — 738 2,429 3,167 ( 623 ) 1998 7/17/2013 5 to 39 Years
CVS Portsmouth, OH (b) 354 1,953 ( 276 ) ( 1,514 ) 78 439 517 ( 52 ) 1997 7/17/2013 7 to 33 Years
CVS Del City, OK (b) 1,027 3,428 — — 1,027 3,428 4,455 ( 208 ) 1998 7/17/2013 33 to 33 Years
CVS New Cumberland, PA (b) 794 2,663 — — 794 2,663 3,457 ( 633 ) 2007 7/17/2013 12 to 43 Years
CVS Myrtle Beach, SC (b) 828 4,024 — — 828 4,024 4,852 ( 899 ) 2004 7/17/2013 12 to 42 Years
CVS Florence, SC (b) 744 2,070 — — 744 2,070 2,814 ( 512 ) 1998 7/17/2013 5 to 39 Years
CVS Columbia, TN (b) 842 1,864 — — 842 1,864 2,706 ( 507 ) 1997 7/17/2013 4 to 37 Years
CVS Onley, VA (b) 2,530 2,296 — — 2,530 2,296 4,826 ( 672 ) 2007 7/17/2013 12 to 43 Years
Dairy Queen Anchorage, AK (b) 1,150 1,262 — — 1,150 1,262 2,412 ( 170 ) 2007 2/16/2017 15 to 40 Years
Dairy Queen Anchorage, AK (b) 333 461 — — 333 461 794 ( 65 ) 2010 2/16/2017 10 to 40 Years
Dairy Queen Wasilla, AK (b) 577 1,260 — — 577 1,260 1,837 ( 356 ) 1984 2/16/2017 5 to 20 Years
Dairy Queen Palmer, AK (b) 510 1,350 — 90 510 1,440 1,950 ( 249 ) 2000 2/16/2017 10 to 30 Years
Dave & Buster’s Westlake, OH (b) 2,856 1 — 44 2,856 45 2,901 ( 16 ) 2016 5/18/2017 10 to 10 Years
Dave & Buster’s Addison, IL (b) 4,690 6,692 — — 4,690 6,692 11,382 ( 3,513 ) 1995 7/17/2013 7 to 24 Years
Dave & Buster’s Tucson, AZ (b) 2,874 5,655 — 43 2,874 5,698 8,572 ( 730 ) 2017 3/31/2017 15 to 50 Years
David’s Bridal Lenexa, KS (b) 919 2,476 — — 919 2,476 3,395 ( 579 ) 2005 7/17/2013 2 to 47 Years
David’s Bridal
(f)
Topeka, KS (b) 542 2,251 — ( 15 ) 542 2,236 2,778 ( 438 ) 2006 7/17/2013 12 to 48 Years
Davis-Standard Pawcatuck, CT (b) 2,736 9,218 — 36 2,736 9,254 11,990 ( 1,597 ) 1969 10/27/2016 7 to 40 Years
Davis-Standard Fulton, NY (b) 445 6,113 — 35 445 6,148 6,593 ( 849 ) 1983 10/27/2016 5 to 40 Years
Defined Fitness Farmington, NM (b) 2,242 6,696 — — 2,242 6,696 8,938 ( 1,158 ) 1999 4/23/2015 15 to 40 Years
Defined Fitness Albuquerque, NM (b) 2,391 4,008 — — 2,391 4,008 6,399 ( 918 ) 2001 4/23/2015 15 to 30 Years
Defined Fitness Albuquerque, NM (b) 4,732 6,845 — — 4,732 6,845 11,577 ( 1,341 ) 1972 4/23/2015 15 to 40 Years
Defined Fitness Albuquerque, NM (b) 1,914 3,724 — — 1,914 3,724 5,638 ( 827 ) 1995 4/23/2015 15 to 30 Years
Defined Fitness Rio Rancho, NM (b) 1,448 2,172 — — 1,448 2,172 3,620 ( 515 ) 1997 4/23/2015 15 to 30 Years
Defined Fitness Albuquerque, NM (b) 1,891 6,042 — 6 1,891 6,048 7,939 ( 203 ) 2020 12/27/2019 14 to 45 Years
Defined Fitness Rio Rancho, NM (b) 1,569 5,793 — — 1,569 5,793 7,362 ( 17 ) 2020 11/24/2020 14 to 40 Years
Defy Trampoline Park Little Rock, AR (b) 1,489 3,888 — 11 1,489 3,899 5,388 ( 391 ) 2017 9/29/2017 15 to 40 Years
Defy Trampoline Park Indianapolis, IN (b) 861 4,222 — — 861 4,222 5,083 ( 291 ) 2018 8/31/2018 16 to 40 Years
Defy Trampoline Park Wilmington, NC (b) 837 1,429 — — 837 1,429 2,266 ( 529 ) 2006 9/30/2015 9 to 20 Years
14
3
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Defy Trampoline Park Baton Rouge, LA (b) 1,076 2,289 — — 1,076 2,289 3,365 ( 443 ) 2015 11/13/2015 10 to 40 Years
Defy Trampoline Park Flowood, MS (b) 900 1,137 — — 900 1,137 2,037 ( 398 ) 1995 11/13/2015 9 to 20 Years
Defy Trampoline Park Augusta, GA (b) 1,081 1,488 — — 1,081 1,488 2,569 ( 668 ) 1998 9/30/2015 10 to 20 Years
Defy Trampoline Park Brentwood, TN (b) 2,292 2,273 — 2 2,292 2,275 4,567 ( 788 ) 1970 9/30/2015 9 to 20 Years
Defy Trampoline Park Clovis, CA (b) 1,117 26 600 3,745 1,717 3,771 5,488 ( 263 ) 2017 12/6/2016 10 to 35 Years
Defy Trampoline Park Rogers, AR (b) 635 2,376 — — 635 2,376 3,011 ( 485 ) 2014 9/30/2015 9 to 40 Years
Defy Trampoline Park
(f)
Louisville, KY (b) 2,205 3,551 — — 2,205 3,551 5,756 ( 1,235 ) 1995 11/2/2015 9 to 20 Years
Denny’s Benson, AZ (b) 313 336 — — 313 336 649 ( 143 ) 1996 3/20/2015 15 to 20 Years
Denny’s Fountain Hills, AZ (b) 684 1,073 ( 24 ) 25 660 1,098 1,758 ( 81 ) 1995 11/25/2019 8 to 20 Years
Dillon Tire Lincoln, NE (b) 1,144 2,935 — — 1,144 2,935 4,079 ( 434 ) 1972 11/25/2019 2 to 10 Years
Direct Shot Distributing Franklin, IN (b) 6,447 20,390 — — 6,447 20,390 26,837 ( 144 ) 2020 11/10/2020 6 to 34 Years
Dollar General Creal Springs, IL (b) 261 653 — — 261 653 914 ( 173 ) 2014 4/27/2015 14 to 40 Years
Dollar General Fruita, CO (a) 255 1,025 — — 255 1,025 1,280 ( 239 ) 2012 10/29/2013 13 to 40 Years
Dollar General De Soto, KS (a) 301 1,049 — — 301 1,049 1,350 ( 277 ) 2012 10/29/2013 13 to 40 Years
Dollar General La Cygne, KS (a) 120 833 — — 120 833 953 ( 195 ) 2012 10/29/2013 13 to 40 Years
Dollar General Topeka, KS (a) 313 882 — — 313 882 1,195 ( 223 ) 2012 10/29/2013 13 to 40 Years
Dollar General Emporia, KS (a) 292 1,176 — — 292 1,176 1,468 ( 281 ) 2012 10/29/2013 13 to 40 Years
Dollar General Hill City, KS (a) 243 815 — — 243 815 1,058 ( 221 ) 2012 10/29/2013 13 to 40 Years
Dollar General Pagosa Springs, CO (a) 253 1,031 — — 253 1,031 1,284 ( 230 ) 2012 10/29/2013 13 to 40 Years
Dollar General Silt, CO (a) 334 894 — — 334 894 1,228 ( 201 ) 2012 10/29/2013 13 to 40 Years
Dollar General Tornillo, TX (a) 255 818 — — 255 818 1,073 ( 217 ) 2012 10/29/2013 13 to 40 Years
Dollar General Crystal City, TX (a) 295 939 — — 295 939 1,234 ( 209 ) 2012 10/29/2013 13 to 40 Years
Dollar General Temple, TX (a) 414 897 — — 414 897 1,311 ( 221 ) 2012 10/29/2013 13 to 40 Years
Dollar General Gore, OK (a) 182 924 — — 182 924 1,106 ( 221 ) 2012 10/29/2013 13 to 40 Years
Dollar General Stigler, OK (a) 610 809 — — 610 809 1,419 ( 225 ) 2012 10/29/2013 13 to 40 Years
Dollar General Okay, OK (a) 200 901 — — 200 901 1,101 ( 211 ) 2012 10/29/2013 13 to 40 Years
Dollar General Hobart, OK (a) 230 910 — — 230 910 1,140 ( 223 ) 2012 10/29/2013 13 to 40 Years
Dollar General Atoka, OK (a) 466 1,304 — — 466 1,304 1,770 ( 295 ) 2012 10/29/2013 13 to 40 Years
Dollar General Claremore, OK (a) 243 928 — — 243 928 1,171 ( 207 ) 2012 10/29/2013 13 to 40 Years
Dollar General Adair, OK (a) 264 855 — — 264 855 1,119 ( 199 ) 2012 10/29/2013 13 to 40 Years
Dollar General Altus, OK (a) 315 918 — — 315 918 1,233 ( 205 ) 2012 10/29/2013 13 to 40 Years
Dollar General Ketchum, OK (a) 297 760 — — 297 760 1,057 ( 217 ) 2012 10/29/2013 13 to 40 Years
Dollar General Spiro, OK (a) 263 1,099 — — 263 1,099 1,362 ( 282 ) 2012 10/29/2013 13 to 40 Years
Dollar General Walters, OK (a) 173 1,042 — — 173 1,042 1,215 ( 238 ) 2012 10/29/2013 13 to 40 Years
Dollar General Sand Springs, OK (a) 396 1,039 — — 396 1,039 1,435 ( 247 ) 2012 10/29/2013 13 to 40 Years
Dollar General Ord, NE (a) 222 1,010 — — 222 1,010 1,232 ( 241 ) 2012 10/29/2013 13 to 40 Years
Dollar General Las Cruces, NM (a) 452 900 — — 452 900 1,352 ( 235 ) 2012 10/29/2013 13 to 40 Years
14
4
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Dollar General Hobbs, NM (a) 405 949 — — 405 949 1,354 ( 255 ) 2012 10/29/2013 13 to 40 Years
Dollar General Wetumpka, AL (a) 303 784 — — 303 784 1,087 ( 194 ) 2011 9/17/2013 12 to 40 Years
Dollar General Orrville, AL (a) 192 826 — — 192 826 1,018 ( 211 ) 2011 9/17/2013 12 to 40 Years
Dollar General Rehobeth, AL (a) 259 774 — — 259 774 1,033 ( 182 ) 2011 9/17/2013 12 to 40 Years
Dollar General Tallassee, AL (a) 141 895 — — 141 895 1,036 ( 195 ) 2011 9/17/2013 12 to 40 Years
Dollar General Jasper, AL (a) 365 1,052 — — 365 1,052 1,417 ( 245 ) 2011 9/17/2013 12 to 40 Years
Dollar General Cowarts, AL (a) 396 836 — — 396 836 1,232 ( 199 ) 2011 9/17/2013 12 to 40 Years
Dollar General Centre, AL (a) 233 767 — — 233 767 1,000 ( 185 ) 2011 9/17/2013 12 to 40 Years
Dollar General Crossville, TN (a) 264 849 — — 264 849 1,113 ( 201 ) 2011 9/17/2013 12 to 40 Years
Dollar General Eastaboga, AL (a) 223 937 — — 223 937 1,160 ( 217 ) 2011 9/17/2013 12 to 40 Years
Dollar General Enterprise, AL (a) 255 803 — — 255 803 1,058 ( 188 ) 2011 9/17/2013 12 to 40 Years
Dollar General Western Grove, AR (b) 391 595 — — 391 595 986 ( 182 ) 2014 12/15/2014 14 to 40 Years
Dollar General Quinton, OK (b) 245 683 — — 245 683 928 ( 152 ) 2014 12/15/2014 14 to 40 Years
Dollar General Alpena, AR (b) 359 600 — — 359 600 959 ( 179 ) 2014 12/15/2014 14 to 40 Years
Dollar General Keota, OK (b) 215 687 — — 215 687 902 ( 161 ) 2014 12/15/2014 14 to 40 Years
Dollar General Cameron, OK (b) 312 710 — — 312 710 1,022 ( 152 ) 2014 12/15/2014 14 to 40 Years
Dollar General Center Ridge, AR (b) 313 595 — — 313 595 908 ( 178 ) 2014 12/15/2014 14 to 40 Years
Dollar General Lakeview, IA (b) 251 568 — — 251 568 819 ( 142 ) 2015 4/27/2015 14 to 40 Years
Dollar General Pleasant Hope, MO (b) 263 650 — — 263 650 913 ( 165 ) 2014 5/14/2015 14 to 40 Years
Dollar General Los Lunas, NM (b) 281 740 — — 281 740 1,021 ( 195 ) 2015 5/14/2015 14 to 40 Years
Dollar General Bloomfield, NM (b) 409 663 — — 409 663 1,072 ( 157 ) 2015 5/14/2015 14 to 40 Years
Dollar General Drexel, MO (b) 184 727 — — 184 727 911 ( 165 ) 2015 5/14/2015 14 to 40 Years
Dollar General La Plata, MO (b) 283 653 — — 283 653 936 ( 173 ) 2014 4/27/2015 14 to 40 Years
Dollar General Pineville, MO (b) 253 699 — — 253 699 952 ( 190 ) 2014 3/31/2015 14 to 40 Years
Dollar General Aztec, NM (b) 548 623 — — 548 623 1,171 ( 175 ) 2014 3/31/2015 14 to 40 Years
Dollar General Bentonia, MS (b) 227 745 — — 227 745 972 ( 156 ) 2014 6/22/2015 13 to 40 Years
Dollar General Ardmore, TN (b) 950 1,847 — 31 950 1,878 2,828 ( 659 ) 2005 7/17/2013 8 to 40 Years
Dollar General Byng, OK (b) 205 646 — — 205 646 851 ( 136 ) 2015 7/14/2015 14 to 40 Years
Dollar General Maben, MS (b) 263 734 — — 263 734 997 ( 171 ) 2014 9/24/2015 13 to 40 Years
Dollar General Laurel, MS (b) 683 421 — — 683 421 1,104 ( 37 ) 2012 11/25/2019 7 to 31 Years
Dollar General Emmalena, KY (b) 336 812 — — 336 812 1,148 ( 10 ) 2018 9/30/2020 12 to 33 Years
Dollar General Grethel, KY (b) 326 792 — — 326 792 1,118 ( 10 ) 2018 9/30/2020 13 to 34 Years
Dollar General Wooten, KY (b) 468 537 — — 468 537 1,005 ( 9 ) 2018 9/30/2020 13 to 33 Years
Dollar General Salyersville, KY (b) 234 823 — — 234 823 1,057 ( 9 ) 2019 9/30/2020 13 to 34 Years
Dollar General Salyersville, KY (b) 326 732 — — 326 732 1,058 ( 9 ) 2019 9/30/2020 13 to 34 Years
Dollar General Tyner, KY (b) 458 569 — — 458 569 1,027 ( 8 ) 2019 9/30/2020 13 to 44 Years
Dollar General Spencer, NY (b) 810 569 — — 810 569 1,379 — 2019 12/22/2020 13 to 34 Years
14
5
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Dollar General Munnsville, NY (b) 370 739 — — 370 739 1,109 — 2019 12/22/2020 13 to 34 Years
Dollar General Washburn, ME (b) 330 880 — — 330 880 1,210 — 2018 12/22/2020 12 to 33 Years
Dollar General Andover, NY (b) 340 800 — — 340 800 1,140 — 2019 12/22/2020 13 to 34 Years
Dollar Tree / Family Dollar Portsmouth, OH (a) 219 2,049 ( 165 ) ( 1,330 ) 54 719 773 ( 72 ) 1997 7/17/2013 7 to 34 Years
Dollar Tree / Family Dollar Alliance, OH (b) 556 1,317 ( 423 ) ( 810 ) 133 507 640 ( 156 ) 1996 7/17/2013 5 to 27 Years
Dollar Tree / Family Dollar Mesa, AZ (b) 734 2 102 630 836 632 1,468 ( 131 ) 1955 11/13/2014 10 to 50 Years
Dollar Tree / Family Dollar Kincheloe, MI (b) 317 626 — — 317 626 943 ( 176 ) 2014 3/20/2015 14 to 40 Years
Dollar Tree / Family Dollar
Mansfield, OH (b) 288 825 — 59 288 884 1,172 ( 176 ) 2014 4/28/2015 9 to 40 Years
Dollar Tree / Family Dollar
Des Moines, IA (b) 354 807 — — 354 807 1,161 ( 199 ) 2014 3/20/2015 8 to 40 Years
Dollar Tree / Family Dollar
Otter Tail, MN (b) 338 791 — — 338 791 1,129 ( 172 ) 2014 3/20/2015 14 to 40 Years
Dollar Tree / Family Dollar
Evart, MI (b) 306 703 — — 306 703 1,009 ( 168 ) 2014 3/20/2015 14 to 40 Years
Dollar Tree / Family Dollar
Anderson, IN (b) 359 781 — — 359 781 1,140 ( 180 ) 2015 3/20/2015 14 to 40 Years
Dollar Tree / Family Dollar
Bulls Gap, TN (b) 466 762 — — 466 762 1,228 ( 179 ) 2014 3/20/2015 14 to 40 Years
Dollar Tree / Family Dollar
Duluth, MN (b) 422 869 — — 422 869 1,291 ( 201 ) 2015 5/12/2015 9 to 40 Years
Dollar Tree / Family Dollar
Buena Vista, GA (b) 431 769 — — 431 769 1,200 ( 62 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Montgomery, AL (b) 426 657 — — 426 657 1,083 ( 52 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Clarksville, TN (b) 460 965 — — 460 965 1,425 ( 56 ) 2014 9/19/2019 10 to 32 Years
Dollar Tree / Family Dollar
Standish, ME (b) 265 978 — — 265 978 1,243 ( 64 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Prattville, AL (b) 815 476 — — 815 476 1,291 ( 56 ) 2014 9/19/2019 10 to 32 Years
Dollar Tree / Family Dollar
Southaven, MS (b) 443 1,209 — — 443 1,209 1,652 ( 67 ) 2014 9/19/2019 10 to 32 Years
Dollar Tree / Family Dollar
Prichard, AL (b) 735 436 — — 735 436 1,171 ( 40 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Marion, MS (b) 431 600 — — 431 600 1,031 ( 46 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Ridgeland, MS (b) 671 734 — — 671 734 1,405 ( 52 ) 2014 9/19/2019 10 to 32 Years
Dollar Tree / Family Dollar
Brownsville, TN (b) 251 774 — — 251 774 1,025 ( 48 ) 2014 9/19/2019 10 to 32 Years
Dollar Tree / Family Dollar
Big Sandy, TN (b) 270 585 — — 270 585 855 ( 42 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Brundidge, AL (b) 341 601 — — 341 601 942 ( 48 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Oakdale, LA (b) 236 884 — — 236 884 1,120 ( 55 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
North Little Rock, AR (b) 295 811 — — 295 811 1,106 ( 53 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Quinlan, TX (b) 205 729 — — 205 729 934 ( 52 ) 2014 9/19/2019 10 to 25 Years
Dollar Tree / Family Dollar
Boling-Iago, TX
(b)
256 687 — — 256 687 943 ( 49 ) 2013 9/19/2019 10 to 26 Years
Dollar Tree / Family Dollar
Rising Star, TX (b) 155 736 — — 155 736 891 ( 49 ) 2014 9/19/2019 10 to 25 Years
Dollar Tree / Family Dollar
Lake Charles, LA (b) 358 825 — — 358 825 1,183 ( 55 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Marsing, ID (b) 340 811 — — 340 811 1,151 ( 57 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Calvert, TX (b) 178 891 — — 178 891 1,069 ( 54 ) 2014 9/19/2019 10 to 27 Years
Dollar Tree / Family Dollar
Hillsboro, TX (b) 214 758 — — 214 758 972 ( 44 ) 2014 9/19/2019 10 to 32 Years
14
6
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Dollar Tree / Family Dollar
Monticello, UT (b) 289 865 — — 289 865 1,154 ( 61 ) 2013 9/19/2019 10 to 26 Years
Dollar Tree / Family Dollar
Bonifay, FL (b) 509 493 — — 509 493 1,002 ( 45 ) 2014 6/28/2019 12 to 26 Years
Dollar Tree / Family Dollar
Monticello, FL (b) 413 762 — — 413 762 1,175 ( 54 ) 2014 6/28/2019 13 to 33 Years
Dollar Tree / Family Dollar
Lakeland, FL (b) 634 687 — — 634 687 1,321 ( 63 ) 2014 6/28/2019 12 to 27 Years
Dollar Tree / Family Dollar
Sanford, NC (b) 634 656 — — 634 656 1,290 ( 62 ) 2014 6/28/2019 10 to 26 Years
Dollar Tree / Family Dollar
Lansing, MI (b) 702 584 — — 702 584 1,286 ( 70 ) 2013 6/28/2019 10 to 25 Years
Dollar Tree / Family Dollar
Laurens, SC (b) 543 586 — — 543 586 1,129 ( 53 ) 2014 6/28/2019 10 to 26 Years
Dollar Tree / Family Dollar
Chocowinity, NC (b) 487 526 — — 487 526 1,013 ( 52 ) 2014 6/28/2019 11 to 26 Years
Dollar Tree / Family Dollar
Hubert, NC (b) 665 761 — — 665 761 1,426 ( 58 ) 2014 6/28/2019 13 to 33 Years
Dollar Tree / Family Dollar
St. Petersburg, FL (b) 961 545 — — 961 545 1,506 ( 54 ) 2014 6/28/2019 10 to 31 Years
Dollar Tree / Family Dollar
Fort Mill, SC (b) 553 847 — — 553 847 1,400 ( 55 ) 2014 6/28/2019 10 to 36 Years
Dollar Tree / Family Dollar
Port St. Lucie, FL (b) 796 745 — — 796 745 1,541 ( 58 ) 2014 6/28/2019 13 to 31 Years
Dollar Tree / Family Dollar
Orlando, FL (b) 916 542 — — 916 542 1,458 ( 49 ) 2014 6/28/2019 10 to 31 Years
Dollar Tree / Family Dollar
Mobile, AL (b) 375 848 — — 375 848 1,223 ( 47 ) 2013 6/28/2019 12 to 35 Years
Dollar Tree / Family Dollar
Bossier City, LA (b) 543 536 — — 543 536 1,079 ( 50 ) 2013 6/28/2019 11 to 26 Years
Dollar Tree / Family Dollar
Lillian, AL (b) 362 687 — — 362 687 1,049 ( 62 ) 2013 6/28/2019 10 to 31 Years
Dollar Tree / Family Dollar
Alapaha, GA (b) 301 513 — — 301 513 814 ( 50 ) 2013 6/28/2019 10 to 25 Years
Dollar Tree / Family Dollar
Church Point, LA (b) 434 687 — — 434 687 1,121 ( 52 ) 2013 6/28/2019 13 to 30 Years
Dollar Tree / Family Dollar
Griffin, GA (b) 487 809 — — 487 809 1,296 ( 61 ) 1976 6/28/2019 8 to 29 Years
Dollar Tree / Family Dollar
Atlanta, GA (b) 929 630 — — 929 630 1,559 ( 57 ) 1968 6/28/2019 9 to 23 Years
Dollar Tree / Family Dollar
Abbeville, AL (b) 245 670 — — 245 670 915 ( 58 ) 2013 6/28/2019 10 to 27 Years
Dollar Tree / Family Dollar
Anniston, AL (b) 492 510 — — 492 510 1,002 ( 63 ) 2013 6/28/2019 10 to 25 Years
Dollar Tree / Family Dollar
Doerun, GA (b) 210 586 — — 210 586 796 ( 55 ) 2014 6/28/2019 10 to 26 Years
Dollar Tree / Family Dollar
Danville, VA (b) 346 570 — — 346 570 916 ( 57 ) 2013 6/28/2019 10 to 25 Years
Dollar Tree / Family Dollar
Nampa, ID (b) 418 940 — — 418 940 1,358 ( 65 ) 2002 6/28/2019 10 to 32 Years
Dollar Tree / Family Dollar
Hastings, NE (b) 293 623 — — 293 623 916 ( 53 ) 2002 6/28/2019 10 to 25 Years
Dollar Tree / Family Dollar
Detroit, MI (b) 269 897 — — 269 897 1,166 ( 59 ) 1932 6/28/2019 11 to 28 Years
Dollar Tree / Family Dollar
Rockford, IL (b) 436 1,031 — — 436 1,031 1,467 ( 69 ) 1988 6/28/2019 10 to 32 Years
Dollar Tree / Family Dollar
Newberry, MI (b) 711 1,081 — — 711 1,081 1,792 ( 76 ) 2010 6/28/2019 10 to 32 Years
Dollar Tree / Family Dollar
Mohave Valley, AZ (b) 327 666 — — 327 666 993 ( 69 ) 1974 6/28/2019 10 to 22 Years
Dollar Tree / Family Dollar
Fort Madison, IA (b) 179 274 — — 179 274 453 ( 42 ) 2003 6/28/2019 7 to 18 Years
Dollar Tree / Family Dollar
Paulden, AZ (b) 343 821 — — 343 821 1,164 ( 65 ) 2013 6/28/2019 12 to 30 Years
Dollar Tree / Family Dollar
N. Platte, NE (b) 208 285 — — 208 285 493 ( 49 ) 2002 6/28/2019 6 to 14 Years
Dollar Tree / Family Dollar
St. Louis, MO (b) 171 1,509 — — 171 1,509 1,680 ( 106 ) 2004 9/19/2019 7 to 20 Years
14
7
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Dollar Tree / Family Dollar
Grenada, MS (b) 198 678 — — 198 678 876 ( 47 ) 2013 9/19/2019 10 to 26 Years
Dollar Tree / Family Dollar
Union, MS (b) 196 629 — — 196 629 825 ( 49 ) 2013 9/19/2019 10 to 24 Years
Dollar Tree / Family Dollar
Mendenhall, MS (b) 239 686 — — 239 686 925 ( 53 ) 2014 9/19/2019 10 to 25 Years
Dollar Tree / Family Dollar
Oklahoma City, OK (b) 221 1,332 — — 221 1,332 1,553 ( 79 ) 1991 9/19/2019 10 to 25 Years
Dollar Tree / Family Dollar
Kansas City, MO (b) 148 1,007 — — 148 1,007 1,155 ( 104 ) 2003 9/19/2019 7 to 14 Years
Dollar Tree / Family Dollar
Diamond Head, MS (b) 200 905 — — 200 905 1,105 ( 55 ) 2013 9/19/2019 10 to 29 Years
Dollar Tree / Family Dollar
Columbus, MS (b) 139 410 — — 139 410 549 ( 48 ) 1986 9/19/2019 6 to 15 Years
Dollar Tree / Family Dollar
Caledonia, MS (b) 252 463 — — 252 463 715 ( 45 ) 2013 9/19/2019 10 to 24 Years
Dollar Tree / Family Dollar
Louisville, MS (b) 142 673 — — 142 673 815 ( 46 ) 2014 9/19/2019 10 to 25 Years
Dollar Tree / Family Dollar
Madisonville, KY (b) 538 700 — — 538 700 1,238 ( 52 ) 2013 6/28/2019 9 to 30 Years
Dollar Tree / Family Dollar
Fayetteville, NC (b) 245 471 — — 245 471 716 ( 40 ) 1973 6/28/2019 10 to 28 Years
Dollar Tree / Family Dollar
Old Hickory, TN (b) 749 846 — — 749 846 1,595 ( 54 ) 2013 6/28/2019 11 to 36 Years
Dollar Tree / Family Dollar
Haw River, NC (b) 431 569 — — 431 569 1,000 ( 54 ) 2013 6/28/2019 10 to 26 Years
Dollar Tree / Family Dollar
Louisville, KY (b) 746 569 — — 746 569 1,315 ( 55 ) 2013 6/28/2019 10 to 26 Years
Dollar Tree / Family Dollar
Memphis, TN (b) 197 368 — — 197 368 565 ( 53 ) 2005 6/28/2019 10 to 17 Years
Dollar Tree / Family Dollar
Brandenburg, KY (b) 527 594 — — 527 594 1,121 ( 51 ) 2013 6/28/2019 10 to 30 Years
Dollar Tree / Family Dollar
Knoxville, TN (b) 276 652 — — 276 652 928 ( 44 ) 1986 6/28/2019 8 to 30 Years
Dollar Tree / Family Dollar
Memphis, TN (b) 551 624 — — 551 624 1,175 ( 45 ) 2013 6/28/2019 12 to 31 Years
Dollar Tree / Family Dollar
Memphis, TN (b) 315 336 — — 315 336 651 ( 45 ) 2003 6/28/2019 8 to 25 Years
Dollar Tree / Family Dollar
Aiken, SC (b) 335 808 — — 335 808 1,143 ( 55 ) 2013 6/28/2019 11 to 36 Years
Dollar Tree / Family Dollar
Lancaster, SC (b) 620 571 — — 620 571 1,191 ( 53 ) 2013 6/28/2019 11 to 26 Years
Dollar Tree / Family Dollar
Hardeeville, SC (b) 236 652 — — 236 652 888 ( 43 ) 2013 6/28/2019 11 to 32 Years
Dollar Tree / Family Dollar
Williamston, SC (b) 373 581 — — 373 581 954 ( 51 ) 2013 6/28/2019 10 to 27 Years
Dollar Tree / Family Dollar
N. Charleston, SC (b) 682 573 — — 682 573 1,255 ( 61 ) 2013 6/28/2019 8 to 30 Years
Dollar Tree / Family Dollar
Greenwood, SC (b) 569 742 — — 569 742 1,311 ( 71 ) 1975 6/28/2019 7 to 23 Years
Dollar Tree / Family Dollar
Columbia, SC (b) 551 534 — — 551 534 1,085 ( 51 ) 2013 6/28/2019 11 to 25 Years
Dollar Tree / Family Dollar
Roebuck, SC (b) 494 418 — — 494 418 912 ( 51 ) 2013 6/28/2019 10 to 25 Years
Dollar Tree / Family Dollar
Camden, SC (b) 222 745 — — 222 745 967 ( 47 ) 2013 6/28/2019 11 to 36 Years
Dollar Tree / Family Dollar
N. Charleston, SC (b) 552 600 — — 552 600 1,152 ( 48 ) 2013 6/28/2019 10 to 30 Years
Dollar Tree / Family Dollar
Tyler, TX (b) 416 609 — — 416 609 1,025 ( 54 ) 2003 6/28/2019 10 to 26 Years
Dollar Tree / Family Dollar
La Feria, TX (b) 601 647 — — 601 647 1,248 ( 52 ) 2001 6/28/2019 10 to 29 Years
Dollar Tree / Family Dollar
Falfurrias, TX (b) 117 916 — — 117 916 1,033 ( 83 ) 1995 6/28/2019 7 to 22 Years
Dollar Tree / Family Dollar
Olmito, TX (b) 271 841 — — 271 841 1,112 ( 54 ) 2013 6/28/2019 14 to 32 Years
Dollar Tree / Family Dollar
Fort Davis, TX (b) 202 785 — — 202 785 987 ( 54 ) 2014 6/28/2019 12 to 33 Years
14
8
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Dollar Tree / Family Dollar
Poteet, TX (b) 253 376 — — 253 376 629 ( 69 ) 1995 6/28/2019 3 to 25 Years
Dollar Tree / Family Dollar
Camp Wood, TX (b) 207 781 — — 207 781 988 ( 52 ) 2014 6/28/2019 15 to 33 Years
Dollar Tree / Family Dollar
Hallsville, TX (b) 154 334 — — 154 334 488 ( 42 ) 2000 6/28/2019 7 to 25 Years
Dollar Tree / Family Dollar
San Angelo, TX (b) 116 621 — — 116 621 737 ( 53 ) 2000 6/28/2019 8 to 25 Years
Dollar Tree / Family Dollar
Brownfield, TX (b) 205 613 — — 205 613 818 ( 51 ) 2001 6/28/2019 10 to 26 Years
Dollar Tree / Family Dollar (f)
Lakewood, OH (b) 522 2,053 — ( 20 ) 522 2,033 2,555 ( 502 ) 1996 7/17/2013 9 to 35 Years
Drive Time
Independence, MO (b) 1,058 1,297 — — 1,058 1,297 2,355 ( 928 ) 1968 11/25/2014 4 to 15 Years
Drive Time
Gladstone, MO (b) 1,100 774 — — 1,100 774 1,874 ( 285 ) 2005 3/11/2015 4 to 40 Years
Duluth Trading Co.
Greensboro, NC (a) 2,776 3,990 — 367 2,776 4,357 7,133 ( 973 ) 2007 7/17/2013 10 to 47 Years
Eddie Merlot’s
Burr Ridge, IL (b) 1,184 2,776 ( 885 ) ( 2,079 ) 299 697 996 ( 29 ) 1997 11/25/2019 6 to
22 Years
El Chico
Tulsa, OK (b) 1,337 61 ( 844 ) ( 39 ) 493 22 515 ( 8 ) 1976 11/25/2019 6 to 14 Years
Emagine Theaters
Lakeville, MN (b) 2,843 2,843 ( 419 ) 3,070 2,424 5,913 8,337 ( 1,152 ) 1998 7/29/2016 7 to 30 Years
Emagine Theaters
Rogers, MN (b) 2,337 2,384 — 1,983 2,337 4,367 6,704 ( 1,007 ) 2006 7/29/2016 5 to 30 Years
Emagine Theaters
White Bear Township, MN (b) 2,773 5,476 — 4,164 2,773 9,640 12,413 ( 2,104 ) 1995 7/29/2016 5 to 20 Years
Emagine Theaters
Monticello, MN (b) 1,161 3,155 — 3,368 1,161 6,523 7,684 ( 1,087 ) 2004 7/29/2016 7 to 30 Years
Emagine Theaters
Plymouth, MN (b) 2,516 4,089 — 2,450 2,516 6,539 9,055 ( 1,082 ) 1988 7/29/2016 4 to 30 Years
Emagine Theaters
Waconia, MN (b) 249 1,464 — 1,731 249 3,195 3,444 ( 504 ) 1989 7/29/2016 6 to 20 Years
Emagine Theaters
East Bethel, MN (b) 545 1,768 — 2,445 545 4,213 4,758 ( 844 ) 1990 7/29/2016 5 to 20 Years
Emagine Theaters
Delano, MN (b) 397 1,052 — — 397 1,052 1,449 ( 333 ) 1984 7/29/2016 3 to 20 Years
Emagine Theaters
Eagan, MN (b) 3,106 4,963 — 4,000 3,106 8,963 12,069 ( 622 ) 1998 5/1/2019 10 to 36 Years
Emagine Theaters
Saginaw, MI (b) 2,167 3,122 — 12 2,167 3,134 5,301 ( 252 ) 2013 11/25/2019 9 to 36 Years
Emagine Theaters
Batavia, IL (b) 5,127 836 — 12 5,127 848 5,975 ( 245 ) 1995 11/25/2019 5 to 25 Years
Emagine Theaters
Noblesville, IN (b) 2,523 4,184 — 13 2,523 4,197 6,720 ( 219 ) 2008 11/25/2019 7 to 33 Years
Emagine Theaters
Portage, IN (b) 5,385 1,088 — 12 5,385 1,100 6,485 ( 306 ) 2007 11/25/2019 6 to 32 Years
Exceptional Health
Livingston, TX (b) 1,505 7,616 — 1,032 1,505 8,648 10,153 ( 1,072 ) 2014 3/30/2016 16 to 40 Years
Exceptional Health
Garland, TX (b) 1,256 4,516 — — 1,256 4,516 5,772 ( 552 ) 2016 3/30/2016 17 to 50 Years
Exceptional Health
Harlingen, TX (b) 1,734 520 — 5,616 1,734 6,136 7,870 ( 492 ) 2016 12/1/2016 49 to 50 Years
Family Fare Supermarket
Omaha, NE (b) 2,198 3,328 — — 2,198 3,328 5,526 ( 1,540 ) 1982 12/17/2013 4 to 20 Years
Family Medical Center
Jacksonville, FL (b) 815 1,606 — — 815 1,606 2,421 ( 457 ) 1977 8/18/2014 6 to 30 Years
Family Medical Center
Middleburg, FL (b) 521 2,589 — 65 521 2,654 3,175 ( 753 ) 1988 8/18/2014 7 to 30 Years
Fazoli’s
Blue Springs, MO (b) 688 119 101 ( 119 ) 789 — 789 — (e) 8/27/2009 (e)
Fazoli’s
Lees Summit, MO (b) 628 — — — 628 — 628 — (e) 11/25/2019 (e)
Fazoli’s
Fort Wayne, IN (b) 769 136 — — 769 136 905 ( 27 ) 1982 11/25/2019 7 to 18 Years
FedEx
Peoria, IL (b) 953 1,917 596 182 1,549 2,099 3,648 ( 898 ) 1996 7/17/2013 3 to 30 Years
14
9
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
FedEx
Madison, AL (a) 5,115 6,701 — — 5,115 6,701 11,816 ( 3,446 ) 2008 7/17/2013 10 to 38 Years
FedEx
Baton Rouge, LA (b) 2,898 8,024 — — 2,898 8,024 10,922 ( 2,298 ) 2008 7/17/2013 9 to 43 Years
FedEx
Oak Park, MI (b) 16,713 19,718 — 38 16,713 19,756 36,469 ( 3,552 ) 2016 6/26/2017 14 to 40 Years
FedEx
Anniston, AL (b) 2,345 10,239 — — 2,345 10,239 12,584 ( 97 ) 2014 9/25/2020 8 to 44 Years
FedEx
Pearl, MS (b) 5,307 21,063 — — 5,307 21,063 26,370 ( 213 ) 2017 9/29/2020 6 to 44 Years
Ferguson Enterprises
Shallotte, NC (a) 705 1,794 — — 705 1,794 2,499 ( 716 ) 2006 7/17/2013 10 to 30 Years
Ferguson Enterprises
Salisbury, MD (b) 4,210 6,613 — — 4,210 6,613 10,823 ( 3,622 ) 2007 7/17/2013 10 to 27 Years
Ferguson Enterprises
Powhatan, VA (b) 4,342 2,963 — — 4,342 2,963 7,305 ( 2,736 ) 2007 7/17/2013 10 to 31 Years
Ferguson Enterprises
Ocala, FL (b) 2,260 4,709 — — 2,260 4,709 6,969 ( 1,812 ) 2006 7/17/2013 8 to 46 Years
Ferguson Enterprises
Front Royal, VA (a) 7,257 35,711 — — 7,257 35,711 42,968 ( 12,891 ) 2007 7/17/2013 9 to 34 Years
Ferguson Enterprises
Cohasset, MN (a) 334 1,134 — — 334 1,134 1,468 ( 511 ) 2007 7/17/2013 10 to 26 Years
Ferguson Enterprises
Auburn, AL (a) 884 1,530 — — 884 1,530 2,414 ( 596 ) 2007 7/17/2013 10 to 32 Years
FHE
Fruita, CO (b) 1,596 9,361 — 11 1,596 9,372 10,968 ( 413 ) 2019 6/28/2019 12 to 45 Years
FHE
Fruita, CO (b) 1,640 4,920 — — 1,640 4,920 6,560 ( 291 ) 2007 6/28/2019 10 to 36 Years
Fiesta Mart (f)
Dallas, TX (b) 3,975 — — — 3,975 — 3,975 — (e) 7/17/2013 (e)
Fire King
New Albany, IN (b) 941 5,078 — 65 941 5,143 6,084 ( 582 ) 1977 12/20/2019 8 to 30 Years
Food City
Blairsville, GA (b) 1,652 3,102 — — 1,652 3,102 4,754 ( 992 ) 2001 9/30/2014 10 to 30 Years
Food City
Chattanooga, TN (b) 1,817 5,281 — — 1,817 5,281 7,098 ( 1,458 ) 1969 9/30/2014 10 to 30 Years
Food City
Dayton, TN (b) 1,122 6,767 — — 1,122 6,767 7,889 ( 1,420 ) 1999 9/30/2014 10 to 40 Years
Fox Rehabilitation Services
Cherry Hill, NJ (b) 4,078 6,076 — — 4,078 6,076 10,154 ( 1,356 ) 1998 11/23/2016 9 to 30 Years
Freddy’s Frozen Custard & Steakburgers
Sedalia, MO (b) 594 1,196 — — 594 1,196 1,790 ( 85 ) 2016 6/28/2019 8 to 34 Years
Fresenius Medical Care
Elizabethton, TN (b) 482 1,139 — — 482 1,139 1,621 ( 366 ) 2008 8/18/2014 6 to 30 Years
Fresenius Medical Care
Fairlea, WV (b) 298 1,280 — — 298 1,280 1,578 ( 372 ) 2009 8/18/2014 10 to 40 Years
Gardner School
Nashville, TN (b) 2,461 1,427 — — 2,461 1,427 3,888 ( 292 ) 1976 3/27/2015 15 to 40 Years
Georgia Theatre
Danville, VA (b) 1,349 6,406 — — 1,349 6,406 7,755 ( 1,229 ) 2002 12/30/2014 15 to 40 Years
Georgia Theatre
Hinesville, GA (b) 2,049 5,216 — — 2,049 5,216 7,265 ( 1,026 ) 2001 12/30/2014 15 to 40 Years
Georgia Theatre
Valdosta, GA (b) 3,038 13,801 — — 3,038 13,801 16,839 ( 2,450 ) 2001 12/30/2014 15 to 40 Years
Georgia Theatre
Warner Robins, GA (b) 2,598 8,324 — — 2,598 8,324 10,922 ( 1,592 ) 2010 12/30/2014 15 to 40 Years
Golden Corral
Albuquerque, NM (b) 1,473 2,947 — — 1,473 2,947 4,420 ( 1,237 ) 2011 7/17/2013 10 to 33 Years
Golden Corral
Decatur, AL (b) 1,157 1,725 — — 1,157 1,725 2,882 ( 655 ) 2004 7/17/2013 10 to 30 Years
Golden Corral
Florence, AL (b) 794 1,742 — — 794 1,742 2,536 ( 633 ) 1995 7/17/2013 8 to 27 Years
Golden Corral
Fort Smith, AR (b) 667 2,862 — — 667 2,862 3,529 ( 206 ) 1993 11/25/2019 5 to 20 Years
Golden Corral
Branson, MO (b) 1,182 2,668 — — 1,182 2,668 3,850 ( 172 ) 1994 11/25/2019 5 to 25 Years
Golden Corral
Springfield, MO (b) 2,499 1,239 — — 2,499 1,239 3,738 ( 108 ) 1993 11/25/2019 5 to 25 Years
1
50
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Golden Corral
North Little Rock, AR (b) 1,166 2,138 — — 1,166 2,138 3,304 ( 141 ) 1993 11/25/2019 5 to 25 Years
Gourmet Foods
Los Angeles, CA (b) 4,099 5,354 — — 4,099 5,354 9,453 ( 279 ) 1958 10/11/2019 8 to 26 Years
Gourmet Foods
Hayward, CA (b) 2,125 3,015 — — 2,125 3,015 5,140 ( 112 ) 1986 10/11/2019 12 to 35 Years
GQT Riverview 14 GDX
Gibsonton, FL (b) 4,970 4,014 — 8,907 4,970 12,921 17,891 ( 1,511 ) 2016 11/5/2015 12 to 50 Years
Grease Monkey
Moultrie, GA (b) 179 271 — — 179 271 450 ( 240 ) 1983 9/7/2007 15 to 20 Years
Grease Monkey
Spanish Fort, AL (b) 563 607 — — 563 607 1,170 ( 435 ) 1993 9/7/2007 15 to 30 Years
Grease Monkey
Montgomery, AL (b) 241 628 — — 241 628 869 ( 339 ) 1997 9/7/2007 15 to 30 Years
Grease Monkey
Pensacola, FL (b) 238 564 — — 238 564 802 ( 308 ) 1994 9/7/2007 15 to 30 Years
Grease Monkey
Montgomery, AL (b) 303 636 — — 303 636 939 ( 353 ) 1996 9/7/2007 15 to
30 Years
Grease Monkey
Pensacola, FL (b) 148 459 — — 148 459 607 ( 245 ) 1972 9/7/2007 15 to 30 Years
Grease Monkey
Marianna, FL (b) 283 452 — — 283 452 735 ( 240 ) 1994 9/7/2007 15 to 40 Years
Grease Monkey
Albany, GA (b) 242 572 — — 242 572 814 ( 243 ) 1982 9/7/2007 15 to 40 Years
Grease Monkey
Pensacola, FL (b) 104 333 — — 104 333 437 ( 195 ) 1968 9/7/2007 15 to 30 Years
Grease Monkey
Mobile, AL (b) 89 501 — — 89 501 590 ( 261 ) 1982 11/30/2007 15 to 30 Years
Grease Monkey
Albany, GA (b) 281 575 — — 281 575 856 ( 351 ) 1997 9/7/2007 15 to 30 Years
Grease Monkey
Gulf Breeze, FL (b) 296 457 — — 296 457 753 ( 249 ) 1993 9/7/2007 15 to 30 Years
Grease Monkey
Valdosta, GA (b) 376 576 — — 376 576 952 ( 340 ) 1996 11/30/2007 15 to 30 Years
Grease Monkey
Montgomery, AL (b) 275 528 — — 275 528 803 ( 317 ) 1988 9/7/2007 15 to 30 Years
Grease Monkey
Pensacola, FL (b) 195 569 — — 195 569 764 ( 318 ) 1983 9/7/2007 15 to 30 Years
Grease Monkey
Opelika, AL (b) 503 628 — — 503 628 1,131 ( 392 ) 1995 9/7/2007 15 to 30 Years
Grease Monkey
Auburn, AL (b) 676 647 — — 676 647 1,323 ( 418 ) 1995 9/7/2007 15 to 30 Years
Grease Monkey
Ocean Springs, MS (b) 145 186 — — 145 186 331 ( 67 ) 1988 7/17/2013 15 to
30 Years
Grease Monkey
Montgomery, AL (b) 398 626 — — 398 626 1,024 ( 370 ) 1997 9/7/2007 15 to 30 Years
Grease Monkey
Niceville, FL (b) 458 454 — — 458 454 912 ( 215 ) 1996 9/7/2007 15 to 40 Years
Grease Monkey
Montgomery, AL (b) 422 857 — — 422 857 1,279 ( 466 ) 1992 9/7/2007 15 to 30 Years
Grease Monkey
Mobile, AL (b) 157 508 — — 157 508 665 ( 275 ) 1982 9/7/2007 15 to 30 Years
Grease Monkey
Dothan, AL (b) 162 659 — — 162 659 821 ( 346 ) 1996 9/7/2007 15 to 30 Years
Grease Monkey
Pensacola, FL (b) 150 575 — — 150 575 725 ( 317 ) 1986 9/7/2007 15 to
30 Years
Grease Monkey
Crestview, FL (b) 544 743 — — 544 743 1,287 ( 398 ) 1975 9/7/2007 15 to 30 Years
Grease Monkey
Panama City, FL (b) 378 252 — — 378 252 630 ( 115 ) 1997 7/17/2013 15 to 30 Years
Grease Monkey
Milton, FL (b) 137 577 — — 137 577 714 ( 306 ) 1986 9/7/2007 15 to 30 Years
Grease Monkey
Wetumpka, AL (b) 224 437 — — 224 437 661 ( 35 ) 1995 11/25/2019 6 to 17 Years
Grease Monkey
Waycross, GA (b) 207 499 — — 207 499 706 ( 33 ) 1998 11/25/2019 10 to
20 Years
H&E Equipment Services
Corpus Christi, TX (b) 1,790 1,267 — — 1,790 1,267 3,057 ( 723 ) 2014 9/30/2014 11 to
30 Years
Hardee’s
Paxton, IL (b) 319 529 — — 319 529 848 ( 66 ) 1986 11/25/2019 8 to 15 Years
Hardee’s
Mayfield, KY (b) 266 918 — — 266 918 1,184 ( 81 ) 1986 11/25/2019 7 to 15 Years
Hardee’s
Kansas City, MO (b) 482 640 — — 482 640 1,122 ( 64 ) 1979 11/25/2019 5 to 15 Years
1
51
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Hardee’s
Kansas City, KS (b) 208 803 — — 208 803 1,011 ( 73 ) 1980 11/25/2019 7 to 15 Years
Hardee’s
Columbia, MO (b) 714 345 — — 714 345 1,059 ( 37 ) 1985 11/25/2019 10 to 15 Years
Hardee’s
Trenton, MO (b) 229 931 — — 229 931 1,160 ( 75 ) 1976 11/25/2019 10 to 15 Years
Hardee’s
Independence, MO (b) 321 607 — — 321 607 928 ( 58 ) 1979 11/25/2019 7 to 15 Years
Hardee’s
Emporia, KS (b) 296 1,015 — — 296 1,015 1,311 ( 93 ) 1969 11/25/2019 7 to 15 Years
Hardee’s
Lees Summit, MO (b) 459 705 — — 459 705 1,164 ( 66 ) 1985 11/25/2019 11 to 15 Years
Hardee’s
Harrisonville, MO (b) 268 769 ( 180 ) ( 521 ) 88 248 336 ( 6 ) 1981 11/25/2019 7 to 14 Years
Hardee’s
Rolla, MO (b) 336 654 — — 336 654 990 ( 60 ) 1978 11/25/2019 7 to 15 Years
Hardee’s
Johnson City, TN (b) 718 450 — — 718 450 1,168 ( 329 ) 1983 12/21/2012 15 to 20 Years
Hardee’s
Buckhannon, WV (b) 438 529 — — 438 529 967 ( 283 ) 1978 12/21/2012 15 to 20 Years
Hardee’s
Bristol, VA (b) 369 564 — — 369 564 933 ( 304 ) 1991 12/21/2012 15 to 20 Years
Hardee’s
Mount Carmel, TN (b) 499 536 — — 499 536 1,035 ( 260 ) 1988 12/21/2012 15 to 30 Years
Hardee’s
Waynesburg, PA (b) 323 918 — — 323 918 1,241 ( 353 ) 1982 12/21/2012 15 to 30 Years
Hardee’s
Bristol, VA (b) 492 366 — — 492 366 858 ( 271 ) 1982 12/21/2012 15 to 20 Years
Hardee’s
Rogersville, TN (b) 384 964 — — 384 964 1,348 ( 366 ) 1986 12/21/2012 15 to 30 Years
Hardee’s
South Charleston, WV (b) 524 541 — — 524 541 1,065 ( 268 ) 1993 12/21/2012 15 to 20 Years
Hardee’s
So. Parkersburg, WV (b) 383 404 — — 383 404 787 ( 221 ) 1986 12/21/2012 15 to 20 Years
Hardee’s
Weston, WV (b) 158 695 — — 158 695 853 ( 237 ) 1981 12/21/2012 15 to 30 Years
Hardee’s
Kingwood, WV (b) 618 677 — — 618 677 1,295 ( 366 ) 1979 12/21/2012 15 to 20 Years
Hardee’s
Kingsport, TN (b) 384 877 — — 384 877 1,261 ( 336 ) 1992 12/21/2012 15 to 30 Years
Hardee’s
Bristol, TN (b) 474 282 — — 474 282 756 ( 285 ) 1985 12/21/2012 10 to 15 Years
Hardee’s
Elizabethton, TN (b) 735 278 — — 735 278 1,013 ( 203 ) 1971 12/21/2012 15 to 20 Years
Hardee’s
Jonesborough, TN (b) 576 329 — — 576 329 905 ( 217 ) 1987 12/21/2012 15 to 20 Years
Hardee’s
Parkersburg, WV (b) 457 309 — — 457 309 766 ( 326 ) 1999 12/21/2012 10 to 15 Years
Hardee’s
Philippi, WV (b) 405 232 — — 405 232 637 ( 266 ) 1986 12/21/2012 10 to 15 Years
Hardee’s
Normal, IL (b) 394 240 — — 394 240 634 ( 244 ) 1980 12/21/2012 10 to 15 Years
Hardee’s
Peoria, IL (b) 383 270 — — 383 270 653 ( 282 ) 1980 12/21/2012 10 to 15 Years
Hardee’s
Peoria, IL (b) 282 435 — — 282 435 717 ( 246 ) 1980 12/21/2012 15 to 20 Years
Hardee’s
Havana, IL (b) 439 297 — — 439 297 736 ( 368 ) 1980 12/21/2012 10 to 15 Years
Hardee’s
Eureka, IL (b) 307 338 — — 307 338 645 ( 382 ) 1980 12/21/2012 10 to 15 Years
Hardee’s
Fort Madison, IA (b) 191 620 — — 191 620 811 ( 229 ) 1980 12/21/2012 15 to 30 Years
Hardee’s
Washington, IL (b) 264 460 — — 264 460 724 ( 255 ) 1980 12/21/2012 15 to 20 Years
Hardee’s
Bartonville, IL (b) 410 856 — — 410 856 1,266 ( 357 ) 1980 12/21/2012 15 to 30 Years
Hartford Provision Company
South Windsor, CT (b) 1,590 6,774 — 632 1,590 7,406 8,996 ( 2,229 ) 1982 5/5/2015 7 to 20 Years
Hatch Stamping
Chelsea, MI (b) 858 1,999 — — 858 1,999 2,857 ( 213 ) 1975 6/17/2019 6 to 21 Years
Hatch Stamping
Spring Arbor, MI (b) 338 1,385 — — 338 1,385 1,723 ( 115 ) 2001 6/17/2019 6 to 25 Years
Hatch Stamping
Chelsea, MI (b) 1,215 6,321 — — 1,215 6,321 7,536 ( 531 ) 1990 6/17/2019 8 to 22 Years
1
52
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Havana Farm and Home Supply
Havana, IL (b) 526 813 — 94 526 907 1,433 ( 577 ) 2000 5/31/2006 15
to 30
Years
Health Point Family Medicine
Franklin, TX (b) 159 1,124 — 29 159 1,153 1,312 ( 273 ) 2012 8/18/2014 4
to 40
Years
Hobby Lobby (f)
Douglasville, GA (b) 2,612 4,840 — 99 2,612 4,939 7,551 ( 2,233 ) 2006 7/17/2013 4
to 39
Years
Home Depot
Lakewood, CO (a) 3,822 — — — 3,822 — 3,822 — (e) 7/17/2013 (e)
Home Depot
Colma, CA (b) 21,065 13,597 — 481 21,065 14,078 35,143 ( 4,020 ) 1995 7/17/2013 2
to 33
Years
Home Depot
Memphis, TN (b) 3,777 10,303 — 43 3,777 10,346 14,123 ( 1,782 ) 1996 2/28/2017 9
to 30
Years
Home Depot
Highland Heights, OH (b) 4,897 11,272 — 43 4,897 11,315 16,212 ( 1,942 ) 1995 2/21/2017 3
to 30
Years
Home Depot
Tempe, AZ (b) 7,417 9,795 — 173 7,417 9,968 17,385 ( 2,162 ) 1978 5/12/2017 10
to 30
Years
Home Depot
Broadview, IL (b) 4,904 7,316 — — 4,904 7,316 12,220 ( 2,828 ) 1994 7/17/2013 9
t
o 30
Years
Home Depot (f)
Bedford Park, IL (a) 10,242 11,839 — — 10,242 11,839 22,081 ( 5,978 ) 1993 7/17/2013 7
to 20
Years
Hy-Vee Food Store (f)
Bethany, MO (b) 648 379 — — 648 379 1,027 ( 455 ) 1974 5/31/2006 15
to 20
Years
IBM
Greece, NY (b) 1,419 20,548 — ( 11,004 ) 1,419 9,544 10,963 ( 1,014 ) 1989 8/2/2017 10
to 40
Years
IBM
Columbus, OH (b) 3,154 19,715 — 12,816 3,154 32,531 35,685 ( 4,748 ) 1989 8/2/2017 5
to 30
Years
In-Shape
Manteca, CA (b) 796 2,062 — 2,244 796 4,306 5,102 ( 604 ) 2001 9/4/2015 15
to 30
Years
In-Shape
Modesto, CA (b) 2,350 5,923 — — 2,350 5,923 8,273 ( 1,697 ) 1964 12/5/2014 10
to 30
Years
Insurance Auto Auction
Fargo, ND (b) 3,006 184 — — 3,006 184 3,190 ( 47 ) 2012 9/11/2018 11
to 22
Years
Insurance Auto Auction
Springfield, NE (b) 6,801 1,102 — — 6,801 1,102 7,903 ( 727 ) 2012 3/5/2020 7
to 32
Years
Insurance Auto Auction
Lennox, SD (b) 5,934 1,876 — — 5,934 1,876 7,810 ( 43 ) 2020 11/30/2020 9
to 35
Years
Interstate Resources
New Castle, PA (b) 1,084 5,507 — — 1,084 5,507 6,591 ( 2,087 ) 1999 7/17/2013 8
to 26
Years
J. Jill
Tilton, NH (a) 7,420 19,608 — — 7,420 19,608 27,028 ( 9,256 ) 1998 7/17/2013 8
to 25
Years
Jiffy Lube
Sarasota, FL (b) 386 312 — 141 386 453 839 ( 223 ) 1987 3/19/2013 10
to 30
Years
Jiffy Lube
Largo, FL (b) 416 493 — 111 416 604 1,020 ( 262 ) 1989 3/19/2013 10
to 30
Years
Jiffy Lube
Bonita Springs, FL (b) 582 312 — 101 582 413 995 ( 205 ) 1990 3/19/2013 10
to 30
Years
Jiffy Lube
Clearwater, FL (b) 463 443 — 131 463 574 1,037 ( 258 ) 1989 3/19/2013 10
to 30
Years
Jiffy Lube
Naples, FL (b) 333 302 — 121 333 423 756 ( 198 ) 1990 3/19/2013 10
to 30
Years
Jiffy Lube
Sarasota, FL (b) 278 312 — 131 278 443 721 ( 201 ) 1987 3/19/2013 10
to 30
Years
Jiffy Lube
Bradenton, FL (b) 594 493 — 222 594 715 1,309 ( 367 ) 1988 3/19/2013 10
to 30
Years
Jiffy Lube
Fort Myers, FL (b) 555 312 — 131 555 443 998 ( 230 ) 1990 3/19/2013 10
to 30
Years
Jo-Ann’s
Reading, PA (b) 449 3,222 — — 449 3,222 3,671 ( 615 ) 1998 7/17/2013 8 to 40 Years
Jo-Ann’s
Alpharetta, GA (b) 2,819 3,139 — — 2,819 3,139 5,958 ( 792 ) 2000 7/17/2013 5 to 43 Years
Jo-Ann’s (f)
Independence, MO (a) 2,157 2,597 — — 2,157 2,597 4,754 ( 1,375 ) 1999 7/17/2013 7 to 21 Years
Joe’s Crab Shack
Colorado Springs, CO (b) 882 612 — — 882 612 1,494 ( 54 ) 1989 11/25/2019 3 to 20 Years
KFC
Milan, IL (b) 161 533 — — 161 533 694 ( 189 ) 1997 10/3/2011 15
to 30
Years
KFC
Davenport, IA (b) 441 646 — — 441 646 1,087 ( 291 ) 2002 10/3/2011 15
to 30 Years
KFC
Independence, MO (b) 396 1,074 — — 396 1,074 1,470 ( 422 ) 1984 10/3/2011 15
to 30
Years
KFC
Kansas City, KS (b) 594 904 — — 594 904 1,498 ( 376 ) 1999 10/3/2011 15
to 30
Years
KFC
La Vista, NE (b) 499 664 — — 499 664 1,163 ( 254 ) 1992 10/3/2011 15
to 30
Years
15
3
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
KFC
Calhoun, GA (b) 503 713 — — 503 713 1,216 ( 270 ) 1988 2/2/2012 15 to 30 Years
KFC
Covington, GA (b) 526 665 — — 526 665 1,191 ( 238 ) 2001 2/2/2012 15 to 30 Years
KFC
Decatur, GA (b) 677 539 — — 677 539 1,216 ( 199 ) 1989 2/2/2012 15 to 30 Years
KFC
Hampton, GA (b) 568 648 — — 568 648 1,216 ( 233 ) 2002 2/2/2012 15 to 30 Years
KFC
Jackson, GA (b) 467 729 — — 467 729 1,196 ( 306 ) 1992 2/2/2012 15 to 30 Years
KFC
Morrow, GA (b) 530 568 — — 530 568 1,098 ( 181 ) 2006 2/2/2012 15 to 40 Years
KFC
Stockbridge, GA (b) 388 353 — — 388 353 741 ( 132 ) 2001 2/2/2012 15 to 30 Years
KFC
Stone Mountain, GA (b) 379 487 — — 379 487 866 ( 173 ) 1986 2/2/2012 15 to 30 Years
KFC
Roswell, GA (b) 755 683 — — 755 683 1,438 ( 47 ) 2006 11/25/2019 10 to 22 Years
KFC
Kingston, PA (b) 521 635 — — 521 635 1,156 ( 163 ) 1978 11/18/2014 15 to 30 Years
KFC
Bloomsburg, PA (b) 698 823 — — 698 823 1,521 ( 234 ) 1993 11/18/2014 15 to 30 Years
KFC
Williamsport, PA (b) 864 979 — — 864 979 1,843 ( 253 ) 1966 11/18/2014 15 to 30 Years
KFC
O’Fallon, MO (b) 539 380 265 ( 55 ) 804 325 1,129 — 2016 12/23/2020 12 to 32 Years
King’s Daughters Medical Center
Grayson, KY (b) 658 3,171 — — 658 3,171 3,829 ( 752 ) 2013 8/18/2014 9 to 40 Years
Kiolbassa
San Antonio, TX (b) 1,324 1,837 — — 1,324 1,837 3,161 ( 53 ) 2004 5/7/2020 8 to 30 Years
Kiolbassa
San Antonio, TX (b) 2,764 7,268 — — 2,764 7,268 10,032 ( 181 ) 2007 5/7/2020 8 to 29 Years
Kohl’s
Wichita, KS (b) 2,163 7,036 — 242 2,163 7,278 9,441 ( 2,223 ) 1996 7/17/2013 8 to 36 Years
Kohl’s
Lake Zurich, IL (b) 4,860 6,935 — — 4,860 6,935 11,795 ( 2,767 ) 2000 7/17/2013 7 to 32 Years
Kohl’s
Grand Forks, ND (b) 1,516 10,008 — — 1,516 10,008 11,524 ( 2,134 ) 2006 7/17/2013 9 to 46 Years
Kohl’s
Tilton, NH (b) 3,959 — — — 3,959 — 3,959 — (e) 7/17/2013 (e)
Kohl’s
Olathe, KS (b) 3,505 5,847 — 322 3,505 6,169 9,674 ( 2,197 ) 1995 7/17/2013 9 to 35 Years
Kohl’s
Sherwood, AR (b) 2,300 5,995 — — 2,300 5,995 8,295 ( 1,815 ) 2003 2/23/2015 8 to 30 Years
Kohl’s
Gilbert, AZ (b) 4,936 4,318 — 2 4,936 4,320 9,256 ( 757 ) 2004 8/6/2018 5 to 24 Years
Kohl’s
Findlay, OH (b) 2,030 4,971 — — 2,030 4,971 7,001 ( 458 ) 1995 6/19/2019 5 to 26 Years
Kohl’s
Noblesville, IN (b) 1,674 5,073 — — 1,674 5,073 6,747 ( 397 ) 2002 9/20/2019 6 to 25 Years
Kohl’s
Chillicothe, OH (b) 1,118 4,922 200 — 1,318 4,922 6,240 ( 350 ) 2002 9/20/2019 5 to 24 Years
Kohl’s
Dayton, OH (b) 3,468 4,582 — — 3,468 4,582 8,050 ( 412 ) 1994 9/20/2019 5 to 20 Years
Kohl’s
Lansing, MI (b) 3,484 3,826 — — 3,484 3,826 7,310 — 1999 12/18/2020 6 to 23 Years
Kroger
LaGrange, GA (a) 972 8,435 — — 972 8,435 9,407 ( 2,902 ) 1998 7/17/2013 4 to 25 Years
LA Fitness
Brooklyn Park, MN (b) 3,176 7,771 — — 3,176 7,771 10,947 ( 2,357 ) 2008 7/17/2013 10 to 35 Years
LA Fitness
Matteson, IL (b) 4,587 6,328 244 — 4,831 6,328 11,159 ( 2,032 ) 2007 7/17/2013 5 to 34 Years
LA Fitness
Greenwood, IN (a) 1,973 9,764 40 — 2,013 9,764 11,777 ( 2,190 ) 2007 7/17/2013 5 to 42 Years
LA Fitness
League City, TX (a) 2,514 6,767 — — 2,514 6,767 9,281 ( 1,676 ) 2008 7/17/2013 10 to 42 Years
LA Fitness
Naperville, IL (a) 5,015 6,946 — — 5,015 6,946 11,961 ( 1,926 ) 2007 7/17/2013 9 to 38 Years
LA Fitness
West Chester, OH (b) 606 9,832 — — 606 9,832 10,438 ( 1,934 ) 2009 7/17/2013 7 to 43 Years
LA Fitness
Fort Washington, PA (b) 2,120 5,963 — — 2,120 5,963 8,083 ( 503 ) 2003 6/26/2019 9 to 34 Years
LA Fitness
Clinton Township, MI (b) 3,894 4,957 — 13 3,894 4,970 8,864 ( 322 ) 1999 11/25/2019 8 to 38 Years
15
4
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Lamb’s/Ramona Tire
Hemet, CA (b) 1,509 2,019 — — 1,509 2,019 3,528 ( 90 ) 1975 9/27/2019 10 to 33 Years
Lamb’s/Ramona Tire
Austin, TX (b) 1,334 1,030 — — 1,334 1,030 2,364 ( 51 ) 2009 9/27/2019 15 to 36 Years
Lamb’s/Ramona Tire
San Marcos, TX (b) 853 595 — — 853 595 1,448 ( 34 ) 2012 9/27/2019 13 to 34 Years
Lamb’s/Ramona Tire
Moreno Valley, CA (b) 639 967 — — 639 967 1,606 ( 46 ) 1987 9/27/2019 13 to 33 Years
Lamb’s/Ramona Tire
Austin, TX (b) 1,263 613 — — 1,263 613 1,876 ( 30 ) 2006 9/27/2019 12 to 36 Years
Lamb’s/Ramona Tire
Round Rock, TX (b) 1,975 1,375 — — 1,975 1,375 3,350 ( 84 ) 2010 9/27/2019 13 to 37 Years
La-Z-Boy
Glendale, AZ (b) 1,395 4,242 — — 1,395 4,242 5,637 ( 1,030 ) 2001 7/17/2013 2 to 45 Years
La-Z-Boy
Newington, CT (b) 1,778 4,496 — — 1,778 4,496 6,274 ( 1,001 ) 2006 7/17/2013 8 to 45 Years
La-Z-Boy
Kentwood, MI (b) 1,145 4,085 — 850 1,145 4,935 6,080 ( 1,025 ) 1987 7/17/2013 4 to 38 Years
Lee’s Famous Recipe Chicken
Xenia, OH (b) 384 288 — — 384 288 672 ( 105 ) 1985 8/21/2015 15 to 20 Years
Lee’s Famous Recipe Chicken
Dayton, OH (b) 467 237 — — 467 237 704 ( 85 ) 1984 8/21/2015 15 to 20 Years
Lee’s Famous Recipe Chicken
Miamisburg, OH (b) 139 262 — — 139 262 401 ( 88 ) 1970 8/21/2015 15 to 20 Years
Lee’s Famous Recipe Chicken
Englewood, OH (b) 235 345 — — 235 345 580 ( 87 ) 1988 8/21/2015 15 to 30 Years
Lee’s Famous Recipe Chicken
Trotwood, OH (b) 281 220 — — 281 220 501 ( 90 ) 1971 8/21/2015 15 to 20 Years
Liberty Oilfield Services
Gillette, WY (b) 1,520 4,561 — — 1,520 4,561 6,081 ( 1,104 ) 2001 12/30/2014 15 to 40 Years
Liberty Oilfield Services
Henderson, CO (b) 3,240 5,720 — — 3,240 5,720 8,960 ( 1,274 ) 1977 12/30/2014 15 to 50 Years
Life Time Fitness
Reston, VA (b) 9,259 21,308 — — 9,259 21,308 30,567 ( 2,229 ) 2003 8/30/2018 6 to 40 Years
Life Time Fitness
Mansfield, TX (b) 3,999 19,432 — — 3,999 19,432 23,431 ( 1,980 ) 2008 8/30/2018 7 to 39 Years
Life Time Fitness
Canton, MI (b) 4,674 18,514 — — 4,674 18,514 23,188 ( 2,255 ) 2002 8/30/2018 6 to 33 Years
Life Time Fitness
Collierville, TN (b) 5,101 18,546 — — 5,101 18,546 23,647 ( 1,789 ) 2009 8/30/2018 7 to 44 Years
Life Time Fitness
Deerfield Township, OH (b) 9,259 12,262 — — 9,259 12,262 21,521 ( 2,009 ) 2007 8/30/2018 8 to 32 Years
Life Time Fitness
St. Louis, MO (b) 9,054 26,952 — — 9,054 26,952 36,006 — 2019 12/17/2020 14 to 55 Years
Life Time Fitness
Northbrook, IL (b) 10,703 29,304 — — 10,703 29,304 40,007 — 2019 12/17/2020 15 to 55 Years
Logan’s Roadhouse
Johnson City, TN (b) 1,331 2,304 ( 793 ) ( 1,442 ) 538 862 1,400 ( 40 ) 1996 7/17/2013 5 to 23 Years
Logan’s Roadhouse
Trussville, AL (a) 1,222 1,770 ( 1,029 ) ( 1,499 ) 193 271 464 ( 50 ) 2007 7/17/2013 9 to 34 Years
Long John Silver’s / A&W
Houston, TX (b) 1,329 — — — 1,329 — 1,329 — (e) 7/17/2013 (e)
Lowe’s
Midland, TX (b) 5,826 6,633 — 366 5,826 6,999 12,825 ( 2,586 ) 1996 7/17/2013 2 to 35 Years
Lowe’s
Lubbock, TX (b) 2,644 10,009 — 480 2,644 10,489 13,133 ( 3,293 ) 1996 7/17/2013 2 to 36 Years
Lowe’s
Cincinnati, OH (b) 6,086 10,984 — 250 6,086 11,234 17,320 ( 4,498 ) 1998 7/17/2013 4 to 28 Years
Lowe’s
Chester, NY (b) 6,432 — — — 6,432 — 6,432 — (e) 7/17/2013 (e)
Lowe’s
Tilton, NH (b) 13,185 — — — 13,185 — 13,185 — (e) 7/17/2013 (e)
Lutheran Health Physicians
Warren, IN (b) 220 278 68 — 288 278 566 ( 151 ) 2007 8/18/2014 4 to 20 Years
MAACO
Phoenix, AZ (b) 834 1,206 — 291 834 1,497 2,331 ( 237 ) 1989 3/31/2017 10 to 30 Years
MAACO
Houston, TX (b) 1,334 579 ( 759 ) ( 354 ) 575 225 800 ( 3 ) 1950 3/31/2017 6 to 26 Years
MAACO
Tuscon, AZ (b) 333 1,030 — — 333 1,030 1,363 ( 184 ) 1999 3/31/2017 10 to 30 Years
Mac Papers
Jacksonville, FL (b) 873 7,095 — — 873 7,095 7,968 ( 162 ) 1990 3/12/2020 9 to 41 Years
Mac Papers
Jacksonville, FL (b) 873 3,938 — — 873 3,938 4,811 ( 119 ) 1956 3/12/2020 7 to 32 Years
15
5
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Mac Papers
Jacksonville, FL (b) 1,805 9,488 — — 1,805 9,488 11,293 ( 300 ) 1970 3/12/2020 9 to 31 Years
Mac Papers
Miami, FL (b) 3,471 11,279 — — 3,471 11,279 14,750 ( 300 ) 1998 3/12/2020 9 to 34 Years
Mac Papers
Midway, FL (b) 350 3,028 — — 350 3,028 3,378 ( 94 ) 1999 3/12/2020 9 to 32 Years
Mac Papers
Orlando, FL (b) 1,885 7,373 — — 1,885 7,373 9,258 ( 226 ) 1999 3/12/2020 9 to 32 Years
Mac Papers
Riviera Beach, FL (b) 1,184 3,263 — — 1,184 3,263 4,447 ( 101 ) 1994 3/12/2020 9 to 34 Years
Mac Papers
Tampa, FL (b) 1,845 4,838 — — 1,845 4,838 6,683 ( 175 ) 2009 3/12/2020 10 to 34 Years
Mac Papers
Lithia Springs, GA (b) 1,175 8,732 — — 1,175 8,732 9,907 ( 240 ) 2007 3/12/2020 8 to 37 Years
Mac Papers
Harahan, LA (b) 874 5,430 — — 874 5,430 6,304 ( 179 ) 1971 3/12/2020 8 to 28 Years
Mac Papers
Durham, NC (b) 1,205 5,961 — — 1,205 5,961 7,166 ( 141 ) 2004 3/12/2020 12 to 43 Years
Mac Papers
Antioch, TN (b) 1,877 8,127 — — 1,877 8,127 10,004 ( 179 ) 2016 3/12/2020 13 to 46 Years
Mac Papers
Chattanooga, TN (b) 691 1,865 — — 691 1,865 2,556 ( 70 ) 2000 3/12/2020 8 to 30 Years
Mac Papers
Memphis, TN (b) 341 1,654 — — 341 1,654 1,995 ( 55 ) 2003 3/12/2020 9 to 33 Years
Mac Papers
Arden, NC (b) 1,788 2,255 — — 1,788 2,255 4,043 ( 56 ) 1999 8/7/2020 6 to 35 Years
Mac Papers
Greenville, SC (b) 719 1,995 — — 719 1,995 2,714 ( 43 ) 1998 8/7/2020 6 to 34 Years
Mac Papers
Charlotte, NC (b) 847 2,050 — — 847 2,050 2,897 ( 56 ) 1986 8/7/2020 6 to 22 Years
Mac Papers
West Columbia, SC (b) 828 1,472 — — 828 1,472 2,300 ( 53 ) 1986 8/7/2020 6 to 22 Years
Main Event
Fort Worth, TX (b) 2,468 5,418 — — 2,468 5,418 7,886 ( 2,452 ) 2003 9/30/2005 15 to 40 Years
Main Event
Shenandoah, TX (b) 2,886 5,763 — — 2,886 5,763 8,649 ( 2,589 ) 2004 9/30/2005 15 to 40 Years
Main Event
Austin, TX (b) 4,425 8,142 — — 4,425 8,142 12,567 ( 3,881 ) 2005 9/30/2005 15 to 40 Years
Main Event
Lewisville, TX (b) 2,130 4,630 — — 2,130 4,630 6,760 ( 2,125 ) 1998 9/30/2005 15 to 40 Years
Main Event
Grapevine, TX (b) 2,554 5,377 — — 2,554 5,377 7,931 ( 2,458 ) 2000 9/30/2005 15 to 40 Years
Main Event
Plano, TX (b) 3,225 6,302 — — 3,225 6,302 9,527 ( 2,806 ) 2001 9/30/2005 15 to 40 Years
Main Event
Grand Prairie, TX (b) 1,712 — 655 8,460 2,367 8,460 10,827 ( 197 ) (h) 3/11/2019 (h)
Main Event
Lutz, FL (b) 2,919 289 872 7,956 3,791 8,245 12,036 ( 179 ) 2019 7/18/2019 10 to 45 Years
Malibu Boats
Merced, CA (b) 3,456 9,007 — — 3,456 9,007 12,463 ( 4,434 ) 1998 3/31/2008 15 to 30 Years
Malibu Boats
Loudon, TN (b) 1,188 4,904 — — 1,188 4,904 6,092 ( 2,816 ) 1992 3/31/2008 15 to 30 Years
Market Street
Amarillo, TX (b) 3,559 4,575 — — 3,559 4,575 8,134 ( 1,748 ) 1999 5/23/2005 14 to 40 Years
Market Street
Wichita Falls, TX (b) — 6,259 — — — 6,259 6,259 ( 4,348 ) 1997 5/23/2005 13 to 20 Years
Mattress Firm
Columbia, SC (b) 596 872 — 216 596 1,088 1,684 ( 357 ) 1998 7/17/2013 9 to 45 Years
Michael’s (f)
Collierville, TN (b) 1,114 6,726 — — 1,114 6,726 7,840 ( 2,186 ) 2002 7/17/2013 9 to 49 Years
Milo’s
Gardendale, AL (b) 438 841 — 55 438 896 1,334 ( 313 ) 1996 3/29/2013 8 to 29 Years
Milo’s
Bessemer, AL (b) 622 983 — 62 622 1,045 1,667 ( 367 ) 2002 3/29/2013 8 to 29 Years
Milo’s
Birmingham, AL (b) 512 983 — 63 512 1,046 1,558 ( 368 ) 2002 3/29/2013 8 to 29 Years
Milo’s
Birmingham, AL (b) 321 740 — 48 321 788 1,109 ( 273 ) 1977 3/29/2013 8 to 29 Years
Milo’s
Moody, AL (b) 518 800 — 56 518 856 1,374 ( 312 ) 1997 3/29/2013 8 to 29 Years
Milo’s
Pelham, AL (b) 605 923 — 54 605 977 1,582 ( 347 ) 1998 3/29/2013 8 to 29 Years
Milo’s
Trussville, AL (b) 909 892 — 55 909 947 1,856 ( 381 ) 2000 3/29/2013 8 to 29 Years
15
6
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Milo’s
Calera, AL (b) 560 912 — 82 560 994 1,554 ( 375 ) 2008 3/29/2013 8 to 29 Years
Milo’s
Homewood, AL (b) 775 — — — 775 — 775 — (e) 11/25/2019 (e)
Missoula Fresh Market
Missoula, MT (b) 2,510 4,714 — — 2,510 4,714 7,224 ( 1,100 ) 1999 3/11/2015 15 to 30 Years
Missoula Fresh Market
Missoula, MT (b) 3,008 5,168 — — 3,008 5,168 8,176 ( 1,164 ) 2008 3/12/2015 15 to 30 Years
Mister Car Wash
Abilene, TX (b) 2,733 3,080 — — 2,733 3,080 5,813 ( 807 ) 1993 4/7/2015 15 to 30 Years
Mister Car Wash
Casselberry, FL (b) 1,042 2,406 — — 1,042 2,406 3,448 ( 502 ) 1988 2/9/2016 13 to 30 Years
Mister Car Wash
Ocoee, FL (b) 2,128 1,775 — 18 2,128 1,793 3,921 ( 419 ) 2009 5/3/2016 17 to 30 Years
Mister Car Wash
Orlando, FL (b) 1,629 1,895 — — 1,629 1,895 3,524 ( 482 ) 2005 2/9/2016 13 to 30 Years
Mister Car Wash
Orlando, FL (b) 2,709 2,728 — 45 2,709 2,773 5,482 ( 655 ) 2001 2/9/2016 13 to 30 Years
Mister Car Wash
Madison, WI (b) 611 1,775 — — 611 1,775 2,386 ( 438 ) 1958 6/30/2015 15 to 30 Years
Mister Car Wash
Madison, WI (b) 905 2,728 — — 905 2,728 3,633 ( 612 ) 1961 6/30/2015 15 to 30 Years
Mister Car Wash
Madison, WI (b) 564 1,623 — — 564 1,623 2,187 ( 336 ) 1956 6/30/2015 15 to 30 Years
Mister Car Wash
Rockford, IL (b) 705 2,669 — — 705 2,669 3,374 ( 554 ) 1959 6/30/2015 15 to 30 Years
Mister Car Wash
Saint Paul, MN (b) 5,274 136 — 67 5,274 203 5,477 ( 1,596 ) 1966 12/13/2016 12 to 30 Years
Mister Car Wash
Edgewater, MD (b) 4,720 1,460 — — 4,720 1,460 6,180 ( 500 ) 2005 1/21/2015 15 to 30 Years
Mister Car Wash
Millersville, MD (b) 2,250 1,636 — — 2,250 1,636 3,886 ( 448 ) 2007 1/21/2015 15 to 30 Years
Mister Car Wash
Nampa, ID (b) 3,240 2,343 — — 3,240 2,343 5,583 ( 1,249 ) 2010 5/15/2013 15 to 30 Years
Mister Car Wash
Meridian, ID (b) 1,923 2,170 536 20 2,459 2,190 4,649 ( 1,077 ) 2006 5/15/2013 15 to 30 Years
Mister Car Wash
Boise, ID (b) 217 — — — 217 — 217 ( 15 ) (e) 5/15/2013 (e)
Mister Car Wash
Boise, ID (b) 2,155 2,488 — — 2,155 2,488 4,643 ( 1,153 ) 2004 5/15/2013 15 to 30 Years
Mister Car Wash
Round Rock, TX (b) 1,167 1,549 — — 1,167 1,549 2,716 ( 417 ) 2009 5/7/2015 15 to 30 Years
Mister Car Wash
Houston, TX (b) 1,081 2,450 — — 1,081 2,450 3,531 ( 181 ) 1991 11/25/2019 3 to 16 Years
Mojo Grill
Leesburg, FL (b) 619 236 — 500 619 736 1,355 ( 87 ) 1996 10/26/2018 8 to 23 Years
Monterey’s Tex Mex
Bryan, TX (b) 818 670 — — 818 670 1,488 ( 52 ) 1988 11/25/2019 3 to 23 Years
Mountainside Fitness
Chandler, AZ (b) 1,687 2,935 — 12 1,687 2,947 4,634 ( 142 ) 2002 11/25/2019 3 to 35 Years
Mr. Clean/Jiffy Lube
Lawrenceville, GA (b) 2,315 1,670 — — 2,315 1,670 3,985 ( 112 ) 1996 9/11/2019 10 to 30 Years
Mr. Clean/Jiffy Lube
Canton, GA (b) 2,649 1,681 — — 2,649 1,681 4,330 ( 106 ) 1998 9/11/2019 11 to 30 Years
NextCare Urgent Care
Round Rock, TX (b) 271 728 — — 271 728 999 ( 167 ) 1985 8/18/2014 8 to 40 Years
Northern Tool & Equipment
Blaine, MN (b) 1,728 3,437 — — 1,728 3,437 5,165 ( 882 ) 2006 7/17/2013 8 to 43 Years
Off Lease Only
West Palm Beach, FL (b) 12,511 9,751 — — 12,511 9,751 22,262 ( 148 ) 2016 9/9/2020 17 to 43 Years
Off Lease Only
North Lauderdale, FL (b) 21,733 8,680 — — 21,733 8,680 30,413 ( 211 ) 1988 9/9/2020 14 to 38 Years
Off Lease Only
Orlando, FL (b) 16,901 10,864 — — 16,901 10,864 27,765 ( 249 ) 2019 9/9/2020 18 to 44 Years
Office Depot
Dayton, OH (b) 710 2,417 — — 710 2,417 3,127 ( 556 ) 2005 7/17/2013 8 to 47 Years
Office Depot
Greenville, MS (b) 583 2,315 — 43 583 2,358 2,941 ( 621 ) 2000 7/17/2013 1 to 35 Years
Office Depot
Oxford, MS (b) 1,625 1,024 — — 1,625 1,024 2,649 ( 412 ) 2006 7/17/2013 9 to 33 Years
Office Depot
Enterprise, AL (b) 675 2,239 — — 675 2,239 2,914 ( 560 ) 2006 7/17/2013 8 to 43 Years
Office Depot
Benton, AR (b) 1,236 1,926 — — 1,236 1,926 3,162 ( 558 ) 2001 7/17/2013 3 to 38 Years
15
7
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Office Depot
Laurel, MS (b) 401 2,164 — 300 401 2,464 2,865 ( 615 ) 2002 7/17/2013 3 to 35 Years
Office Depot
Morrisville, NC (b) 408 2,732 — — 408 2,732 3,140 ( 594 ) 2008 7/17/2013 11 to 47 Years
Office Depot
Balcones Heights, TX (b) 1,888 2,117 — — 1,888 2,117 4,005 ( 551 ) 2009 7/17/2013 11 to 46 Years
Office Depot (f)
Alcoa, TN (b) 918 3,170 — — 918 3,170 4,088 ( 759 ) 1999 7/17/2013 8 to 40 Years
OfficeMax
Orangeburg, SC (b) 621 2,208 — — 621 2,208 2,829 ( 517 ) 1999 7/17/2013 12 to 45 Years
Ogden Clinic
Ogden, UT (b) 597 2,331 — — 597 2,331 2,928 ( 716 ) 1985 8/18/2014 7 to
30 Years
Ojos Locos Sports Cantina
El Paso, TX (b) 1,725 1,470 — — 1,725 1,470 3,195 ( 394 ) 2014 4/15/2015 15 to 30 Years
Old Time Pottery
Fairview Heights, IL (b) 1,418 2,383 ( 506 ) ( 1,516 ) 912 867 1,779 ( 195 ) 1990 7/17/2013 3 to 3 Years
Old Time Pottery
Foley, AL (b) 1,240 2,983 — — 1,240 2,983 4,223 ( 1,049 ) 1994 5/8/2015 9 to 20 Years
Old Time Pottery
Murfreesboro, TN (b) 3,413 6,727 — — 3,413 6,727 10,140 ( 2,221 ) 1985 2/25/2015 9 to 20 Years
O’Reilly Auto Parts
Pea Ridge, AR (b) 161 — — — 161 — 161 — (e) 11/25/2019 (e)
Panera
Spartanburg, SC (b) 1,196 1,671 — — 1,196 1,671 2,867 ( 498 ) 1999 7/17/2013 5 to 34 Years
Party City
Eden Prairie, MN (b) 3,174 10,118 — — 3,174 10,118 13,292 ( 598 ) 1991 6/28/2019 9 to 33 Years
Party City
Los Lunas, NM (b) 2,890 9,461 — — 2,890 9,461 12,351 ( 475 ) 2015 6/28/2019 14 to 38 Years
Party City
Chester, NY (b) 5,785 97,090 — — 5,785 97,090 102,875 ( 3,697 ) 2006 6/28/2019 11 to 42 Years
Pawn I
Caldwell, ID (b) 470 1,739 — — 470 1,739 2,209 ( 243 ) 2009 7/31/2015 15 to 50 Years
Pawn I
Spokane, WA (b) 970 1,945 — — 970 1,945 2,915 ( 317 ) 1994 7/31/2015 15 to 40 Years
Pep Boys
West Warwick, RI (b) 1,323 2,917 — — 1,323 2,917 4,240 ( 802 ) 1993 7/17/2013 9 to 41 Years
Pep Boys
Tamarac, FL (b) 1,407 2,660 — — 1,407 2,660 4,067 ( 687 ) 1997 7/17/2013 7 to 39 Years
Pep Boys
Lakeland, FL (b) 1,204 1,917 — — 1,204 1,917 3,121 ( 556 ) 1991 7/17/2013 7 to 38 Years
Pep Boys
El Centro, CA (b) 1,295 1,504 — — 1,295 1,504 2,799 ( 554 ) 1998 7/17/2013 9 to 33 Years
Pep Boys
Frederick, MD (b) 1,571 2,529 — — 1,571 2,529 4,100 ( 694 ) 1987 7/17/2013 9 to 40 Years
Pep Boys
Clarksville, IN (b) 1,055 1,758 — — 1,055 1,758 2,813 ( 626 ) 1993 7/17/2013 8 to 30 Years
Pep Boys
Orem, UT (b) 1,224 2,132 — — 1,224 2,132 3,356 ( 603 ) 1990 7/17/2013 9 to 40 Years
Pep Boys
Pasadena, TX (b) 1,224 4,263 — — 1,224 4,263 5,487 ( 1,060 ) 1995 7/17/2013 9 to 40 Years
Pep Boys
Hampton, VA (b) 1,662 2,974 — — 1,662 2,974 4,636 ( 972 ) 1993 7/17/2013 9 to 35 Years
Pep Boys
Arlington Heights, IL (b) 1,530 5,354 — — 1,530 5,354 6,884 ( 1,346 ) 1995 7/17/2013 9 to 36 Years
Pep Boys
Albuquerque, NM (b) 885 2,998 — — 885 2,998 3,883 ( 761 ) 1990 7/17/2013 7 to 35 Years
Pep Boys
Colorado Springs, CO (b) 1,335 1,587 — — 1,335 1,587 2,922 ( 788 ) 1994 7/17/2013 7 to 26 Years
PetSmart
Chattanooga, TN (a) 1,689 2,837 — — 1,689 2,837 4,526 ( 745 ) 1996 7/17/2013 8 to 40 Years
PetSmart
Daytona Beach, FL (a) 775 3,880 — — 775 3,880 4,655 ( 869 ) 1996 7/17/2013 8 to 42 Years
PetSmart
Fredericksburg, VA (a) 1,783 3,491 — — 1,783 3,491 5,274 ( 860 ) 1997 7/17/2013 8 to 44 Years
PetSuites Pet Resort & Spa
Bradenton, FL (b) 1,563 2,679 — — 1,563 2,679 4,242 ( 174 ) 2018 3/29/2019 19 to 35 Years
Pioneer Seeds
Maxton, NC (b) 870 6,961 — 29 870 6,990 7,860 ( 912 ) 2016 12/16/2016 9 to 40 Years
Planet Fitness
Mesquite, TX (b) 601 1,770 — — 601 1,770 2,371 ( 478 ) 1986 1/15/2016 8 to 30 Years
Planet Fitness
Phoenix, AZ (b) 642 2,245 — — 642 2,245 2,887 ( 556 ) 1988 9/30/2014 14 to 30 Years
Planet Fitness
Burnsville, MN (b) 1,461 1,597 — 22 1,461 1,619 3,080 ( 529 ) 1978 4/15/2016 8 to 20 Years
15
8
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Popeye’s Chicken & Biscuits
Bartlett, TN (b) 788 1,160 — — 788 1,160 1,948 ( 128 ) 1985 11/25/2019 5 to 12 Years
Popeye’s Chicken & Biscuits
Memphis, TN (b) 814 903 — — 814 903 1,717 ( 68 ) 2004 11/25/2019 6 to 19 Years
Popeye’s Chicken & Biscuits
Holly Springs, MS (b) 225 249 — — 225 249 474 ( 31 ) 1998 11/25/2019 6 to 13 Years
Popeye’s Chicken & Biscuits
Collierville, TN (b) 670 672 — — 670 672 1,342 ( 61 ) 2000 11/25/2019 6 to 15 Years
Popeye’s Chicken & Biscuits
Nashville, TN (b) 455 613 — — 455 613 1,068 ( 65 ) 1975 11/25/2019 6 to 12 Years
Popeye’s Chicken & Biscuits
Horn Lake, MS (b) 217 1,061 — — 217 1,061 1,278 ( 142 ) 1994 11/25/2019 4 to 9 Years
Popeye’s Chicken & Biscuits
Nashville, TN (b) 624 837 — — 624 837 1,461 ( 88 ) 1988 11/25/2019 6 to 12 Years
PriMed Physicians
Beavercreek, OH (b) 559 1,420 63 29 622 1,449 2,071 ( 424 ) 1985 8/18/2014 7 to 40 Years
Progressive Medical Center
Dunwoody, GA (b) 1,061 4,556 — 22 1,061 4,578 5,639 ( 677 ) 1988 10/27/2016 2 to 40 Years
Rally’s
Marion, IN (b) 160 693 ( 1 ) ( 4 ) 159 689 848 ( 73 ) 1990 11/25/2019 6 to 12 Years
Raymour & Flanigan Furniture
Horseheads, NY (b) 1,395 10,923 — 12 1,395 10,935 12,330 ( 333 ) 2005 11/25/2019 7 to 43 Years
Raymour & Flanigan Furniture
Johnson City, NY (b) 1,430 8,372 — 13 1,430 8,385 9,815 ( 378 ) 1978 11/25/2019 7 to 30 Years
Red Lobster
Winston-Salem, NC
(b)
1,707 1,873 — — 1,707 1,873 3,580 ( 298 ) 1998 12/22/2016 13 to 40 Years
Red Lobster
Paducah, KY (b) 1,485 2,407 — 69 1,485 2,476 3,961 ( 384 ) 2013 12/22/2016 13 to 40 Years
Red Lobster
Monroeville, PA (b) 1,677 3,508 — — 1,677 3,508 5,185 ( 637 ) 2009 12/22/2016 12 to 30 Years
Red Lobster
Rockford, IL (b) 1,348 2,842 — — 1,348 2,842 4,190 ( 437 ) 1977 12/22/2016 13 to 40 Years
Red Lobster
Zanesville, OH (b) 1,088 2,218 — — 1,088 2,218 3,306 ( 449 ) 1992 12/22/2016 11 to 30 Years
Red Lobster
Duluth, GA (b) 1,913 4,576 — — 1,913 4,576 6,489 ( 602 ) 1984 12/22/2016 13 to 40 Years
Red Lobster
Stillwater, OK (b) 611 1,447 — — 611 1,447 2,058 ( 326 ) 1995 12/23/2014 15 to 30 Years
Red Lobster
Salina, KS (b) 764 1,100 — — 764 1,100 1,864 ( 334 ) 1994 12/23/2014 15 to 30 Years
Red Lobster
Albany, GA (b) 744 1,340 — — 744 1,340 2,084 ( 362 ) 1971 12/23/2014 15 to 30 Years
Red Lobster
Meadville, PA (b) 652 1,284 — — 652 1,284 1,936 ( 395 ) 1991 12/23/2014 15 to 30 Years
Red Lobster
Aurora, CO (b) 1,151 1,742 — — 1,151 1,742 2,893 ( 380 ) 1974 12/23/2014 15 to 40 Years
Red Lobster
Tullahoma, TN (b) 520 886 — — 520 886 1,406 ( 223 ) 1996 12/23/2014 15 to 40 Years
Red Lobster
Bradley, IL (b) 1,610 1,783 — — 1,610 1,783 3,393 ( 536 ) 1991 12/23/2014 15 to 30 Years
Red Lobster
Bloomington, IL (b) 662 1,029 — — 662 1,029 1,691 ( 283 ) 1975 12/23/2014 15 to 30 Years
Red Lobster
Monroe, MI (b) 927 897 — — 927 897 1,824 ( 318 ) 1996 12/23/2014 15 to 30 Years
Red Lobster
Tifton, GA (b) 642 1,009 — — 642 1,009 1,651 ( 242 ) 1995 12/23/2014 15 to 40 Years
Red Lobster
Adrian, MI (b) 652 1,233 — — 652 1,233 1,885 ( 332 ) 1991 12/23/2014 15 to 30 Years
Red Lobster
Lewiston, ID (b) 1,080 866 — — 1,080 866 1,946 ( 291 ) 1996 12/23/2014 15 to 30 Years
Red Lobster
Findlay, OH (b) 958 1,029 — — 958 1,029 1,987 ( 308 ) 1991 12/23/2014 15 to 30 Years
Red Lobster
Council Bluffs, IA (b) 1,070 703 — — 1,070 703 1,773 ( 230 ) 1995 12/23/2014 15 to 30 Years
Red Lobster
Columbus, GA (b) 876 1,243 — — 876 1,243 2,119 ( 346 ) 2003 12/23/2014 15 to 30 Years
Red Lobster
Indianapolis, IN (b) 418 1,223 — — 418 1,223 1,641 ( 265 ) 1992 12/23/2014 15 to 30 Years
Red Lobster
Oxford, AL (b) 489 1,212 — — 489 1,212 1,701 ( 336 ) 1991 12/23/2014 15 to 30 Years
Red Lobster
Waterford, MI (b) 761 1,958 — — 761 1,958 2,719 ( 400 ) 1997 2/10/2015 15 to 40 Years
Red Mesa Grill
Traverse City, MI (b) 651 1,255 — — 651 1,255 1,906 ( 284 ) 2004 11/9/2015 15 to 30 Years
15
9
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Red Mesa Grill
Boyne City, MI (b) 69 938 — — 69 938 1,007 ( 165 ) 1997 11/9/2015 15 to 30 Years
Red Mesa Grill
Elk Rapids, MI (b) 227 947 — — 227 947 1,174 ( 180 ) 1998 11/9/2015 15 to 30 Years
Regal Cinemas
Carrollton, GA (b) 1,879 5,868 — — 1,879 5,868 7,747 ( 1,212 ) 2005 12/30/2014 15 to 40 Years
Regal Cinemas
Dawsonville, GA (b) 1,859 4,207 — — 1,859 4,207 6,066 ( 939 ) 2005 12/30/2014 15 to 40 Years
Regal Cinemas
Gainesville, GA (b) 2,278 8,684 — — 2,278 8,684 10,962 ( 1,614 ) 1996 12/30/2014 15 to 40 Years
Regal Cinemas
Woodstock, GA (b) 2,798 5,057 — 2,800 2,798 7,857 10,655 ( 1,535 ) 1997 12/30/2014 15 to 30 Years
Regal Cinemas
Griffin, GA (b) 1,239 3,188 — — 1,239 3,188 4,427 ( 909 ) 2005 12/30/2014 15 to 30 Years
Regal Cinemas
Omaha, NE (b) 2,254 4,249 — — 2,254 4,249 6,503 ( 1,207 ) 2006 3/26/2015 12 to 30 Years
Regal Cinemas
Avon, IN (b) 3,388 2,967 — 3,651 3,388 6,618 10,006 ( 2,226 ) 1995 3/1/2016 4 to 30 Years
Regal Cinemas
Bowie, MD (b) 7,138 5,936 — 23 7,138 5,959 13,097 ( 1,362 ) 1998 11/23/2016 8 to 40 Years
Renaissance Food
Houston, TX (b) 3,203 8,089 — 324 3,203 8,413 11,616 ( 328 ) 2016 12/3/2019 11 to 38 Years
Repair One
Port Orange, FL (b) 574 1,349 — — 574 1,349 1,923 ( 69 ) 1997 11/25/2019 10 to 25 Years
Residence Inn by Marriott
Cape Canaveral, FL (b) 4,627 28,368 — 4,729 4,627 33,097 37,724 ( 1,523 ) 2006 3/28/2019 11 to 40 Years
Rite Aid
Wauseon, OH (b) 1,000 2,034 — — 1,000 2,034 3,034 ( 607 ) 2005 7/17/2013 12 to 37 Years
Rite Aid
Fremont, OH (b) 504 1,405 ( 378 ) ( 1,053 ) 126 352 478 ( 67 ) 1998 7/17/2013 4 to 27 Years
Rite Aid
Defiance, OH (b) 645 2,452 — — 645 2,452 3,097 ( 684 ) 2005 7/17/2013 11 to 38 Years
Rite Aid
Glassport, PA (b) 550 2,471 — — 550 2,471 3,021 ( 706 ) 2006 7/17/2013 11 to 37 Years
Rite Aid
Easton, PA (b) 1,028 3,996 — — 1,028 3,996 5,024 ( 974 ) 2006 7/17/2013 12 to 41 Years
Rite Aid
Plains, PA (b) 1,502 2,611 — — 1,502 2,611 4,113 ( 749 ) 2006 7/17/2013 12 to 37 Years
Rite Aid
Lima, OH (b) 568 3,221 — — 568 3,221 3,789 ( 760 ) 2005 7/17/2013 12 to 43 Years
Rite Aid
Fredericksburg, VA (b) 1,426 2,077 — — 1,426 2,077 3,503 ( 607 ) 2006 7/17/2013 14 to 37 Years
Rite Aid
Vineland, NJ (b) 1,194 2,766 — — 1,194 2,766 3,960 ( 121 ) 1997 7/17/2013 36 to 36 Years
Rite Aid
Mantua, NJ (b) 502 1,379 — — 502 1,379 1,881 ( 59 ) 1993 7/17/2013 33 to 33 Years
Ross (f)
Victoria, TX (b) 2,631 7,710 — ( 326 ) 2,631 7,384 10,015 ( 1,937 ) 2006 7/17/2013 5 to 43 Years
Ruth’s Chris Steakhouse
Sarasota, FL (b) 2,758 412 — — 2,758 412 3,170 ( 295 ) 2000 7/17/2013 12 to 25 Years
Ruth’s Chris Steakhouse
Metairie, LA (a) 800 3,016 — — 800 3,016 3,816 ( 796 ) 1964 7/17/2013 10 to 30 Years
Ryan’s
Bowling Green, KY (b) 934 3,135 ( 579 ) ( 1,940 ) 355 1,195 1,550 ( 203 ) 1997 7/17/2013 10 to 34 Years
Ryan’s
Lake Charles, LA (b) 1,619 1,349 — — 1,619 1,349 2,968 ( 653 ) 1987 7/17/2013 10 to 24 Years
Ryan’s
Picayune, MS (b) 1,250 1,409 — — 1,250 1,409 2,659 ( 558 ) 1999 7/17/2013 7 to 29 Years
Ryerson
Little Rock, AR (b) 2,393 11,864 — 31 2,393 11,895 14,288 ( 663 ) 1994 12/20/2019 9 to 23 Years
Ryerson
Lancaster, NY (b) 2,524 12,996 ( 245 ) 276 2,279 13,272 15,551 ( 865 ) 2002 12/20/2019 7 to 17 Years
Ryerson
Lavonia, GA (b) 1,649 4,659 100 ( 67 ) 1,749 4,592 6,341 ( 378 ) 1960 12/20/2019 6 to 21 Years
Ryerson
Carrollton, TX (b) 1,931 5,557 — 31 1,931 5,588 7,519 ( 371 ) 1981 12/20/2019 6 to 18 Years
Ryerson
Hilliard, OH (b) 1,310 3,378 — 32 1,310 3,410 4,720 ( 190 ) 1973 12/20/2019 8 to 27 Years
Ryerson
Pounding Mill, VA (b) 519 2,785 ( 33 ) 64 486 2,849 3,335 ( 199 ) 1982 12/20/2019 6 to 17 Years
Ryerson
Spokane, WA (b) 954 3,738 — 31 954 3,769 4,723 ( 255 ) 1949 12/20/2019 6 to 17 Years
Ryerson
Phoenix, AZ (b) 2,394 1,426 38 ( 7 ) 2,432 1,419 3,851 ( 225 ) 1935 12/20/2019 4 to 18 Years
1
60
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Ryerson
Strongsville, OH (b) 1,114 1,903 — 32 1,114 1,935 3,049 ( 119 ) 1990 12/20/2019 11 to 25 Years
Sagebrush
Tulsa, OK (b) 795 614 — — 795 614 1,409 ( 4 ) 1987 11/23/2020 7 to 21 Years
Sagebrush
Tulsa, OK (b) 719 4,145 — — 719 4,145 4,864 ( 18 ) 1993 11/23/2020 7 to 23 Years
Saisaki Asian Bistro and Sushi
Newport News, VA (b) 1,184 311 — — 1,184 311 1,495 ( 409 ) 1995 6/25/2004 10 to 25 Years
Saltgrass
Plano, TX (b) 1,934 1,456 — — 1,934 1,456 3,390 ( 110 ) 1998 11/25/2019 7 to 20 Years
Same Day Delivery
Walker, MI (a) 2,287 4,469 ( 1,369 ) ( 2,277 ) 918 2,192 3,110 ( 532 ) 2001 7/17/2013 4 to 30 Years
Sam’s Club
Anderson, SC (b) 4,770 6,883 — — 4,770 6,883 11,653 ( 4,608 ) 1993 7/17/2013 7 to 21 Years
Sam’s Club
(f)
Littleton, CO (b) 7,839 9,299 — — 7,839 9,299 17,138 ( 5,625 ) 1991 7/17/2013 5 to 17 Years
Serrano’s Mexican Restaurant
Mesa, AZ (b) 422 1,002 — — 422 1,002 1,424 ( 269 ) 1990 6/14/2013 15 to 40 Years
Serrano’s Mexican Restaurant
Queen Creek, AZ (b) 609 1,159 — — 609 1,159 1,768 ( 344 ) 2004 6/14/2013 15 to 40 Years
Service King
Clarksville, TN (b) 795 1,446 — — 795 1,446 2,241 ( 90 ) 2000 11/25/2019 7 to 22 Years
Service King
Madison, TN (b) 664 1,911 — — 664 1,911 2,575 ( 109 ) 2000 11/25/2019 8 to 23 Years
Service King
Nashville, TN (b) 931 1,673 — — 931 1,673 2,604 ( 104 ) 2000 11/25/2019 8 to 23 Years
Sheffield Pharmaceuticals
Norwich, CT (b) 627 4,767 — 27 627 4,794 5,421 ( 849 ) 1975 6/30/2016 4 to 30 Years
Shooters World
Orlando, FL (b) 2,650 9,512 390 5,508 3,040 15,020 18,060 ( 605 ) 2018 1/26/2018 13 to 45 Years
Shooters World
Tampa, FL (b) 1,588 6,134 — — 1,588 6,134 7,722 ( 1,022 ) 1990 6/5/2015 15 to 40 Years
Shutterfly Plano, TX (b) 7,867 24,085 — — 7,867 24,085 31,952 ( 264 ) 2020 9/15/2020 10 to 45 Years
Skyline Chili Fairborn, OH (b) 701 800 — — 701 800 1,501 ( 67 ) 1998 11/25/2019 8 to 18 Years
Skyline Chili Lewis Center, OH (b) 736 273 — — 736 273 1,009 ( 31 ) 1998 11/25/2019 8 to 18 Years
Slim Chickens Texarkana, TX (b) 373 1,011 — — 373 1,011 1,384 ( 43 ) 2013 11/25/2019 7 to 32 Years
Slim Chickens Stillwater, OK (b) 1,314 1,111 — — 1,314 1,111 2,425 ( 279 ) 2015 3/31/2015 15 to 40 Years
Smart & Final El Cajon, CA (b) 7,323 10,056 — — 7,323 10,056 17,379 ( 2,468 ) 1997 3/16/2015 15 to 30 Years
Smart & Final Palmdale, CA (b) 3,849 9,803 — — 3,849 9,803 13,652 ( 1,870 ) 2005 3/23/2015 15 to 40 Years
Smokey Bones Barbecue & Grill Orlando, FL (b) 2,006 571 — — 2,006 571 2,577 ( 429 ) 2002 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Fairview Heights, IL (b) 1,020 826 — — 1,020 826 1,846 ( 679 ) 1972 12/31/2007 15 to 30 Years
Smokey Bones Barbecue & Grill Springfield, IL (b) 1,115 772 — — 1,115 772 1,887 ( 526 ) 1996 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Warwick, RI (b) 1,593 1,314 — — 1,593 1,314 2,907 ( 782 ) 1990 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Mentor, OH (b) 873 790 — — 873 790 1,663 ( 557 ) 2003 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Bowie, MD (b) 1,501 615 — — 1,501 615 2,116 ( 434 ) 2004 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Melbourne, FL (b) 2,005 794 — — 2,005 794 2,799 ( 619 ) 1986 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Fort Wayne, IN (b) 1,110 817 — — 1,110 817 1,927 ( 624 ) 2003 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Greensboro, NC (b) 1,009 444 — — 1,009 444 1,453 ( 439 ) 2003 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Dayton, OH (b) 1,026 907 — — 1,026 907 1,933 ( 622 ) 2002 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Pittsburgh, PA (b) 1,481 676 — — 1,481 676 2,157 ( 513 ) 2006 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Colonie, NY (b) 1,322 991 ( 350 ) ( 261 ) 972 730 1,702 ( 570 ) 1994 12/31/2007 15 to 40 Years
Smokey Bones Barbecue & Grill Clearwater, FL (b) 2,226 858 — — 2,226 858 3,084 ( 543 ) 2004 12/31/2007 15 to 40 Years
Smoothie King Memphis, TN (b) 208 302 — — 208 302 510 ( 140 ) 2007 7/17/2013 3 to 24 Years
1
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Sonic Drive-In Concord, NC (b) 855 348 — — 855 348 1,203 ( 148 ) 2004 9/17/2013 15 to 30 Years
Sonic Drive-In Creedmoor, NC (b) 451 367 — — 451 367 818 ( 179 ) 2006 9/17/2013 15 to 30 Years
Sonic Drive-In Zebulon, NC (b) 780 395 — — 780 395 1,175 ( 204 ) 2006 9/17/2013 15 to 30 Years
Sonic Drive-In Salisbury, NC (b) 357 338 — — 357 338 695 ( 132 ) 2002 9/17/2013 15 to 30 Years
Sonic Drive-In Concord, NC (b) 244 310 — — 244 310 554 ( 102 ) 1993 9/17/2013 15 to 30 Years
Sonic Drive-In Kannapolis, NC (b) 244 291 — — 244 291 535 ( 120 ) 2001 9/17/2013 15 to 30 Years
Sonic Drive-In Harrisburg, NC (b) 489 291 — — 489 291 780 ( 134 ) 2004 9/17/2013 15 to 30 Years
Sonic Drive-In Albermarle, NC (b) 639 310 — — 639 310 949 ( 111 ) 1993 9/17/2013 15 to 30 Years
Sonic Drive-In Siler City, NC (b) 686 385 — — 686 385 1,071 ( 220 ) 2005 9/17/2013 15 to 30 Years
Sonic Drive-In Raleigh, NC (b) 639 320 — — 639 320 959 ( 173 ) 2008 9/17/2013 15 to 30 Years
Sonic Drive-In Rolesville, NC (b) 526 320 — — 526 320 846 ( 164 ) 2007 9/17/2013 15 to 30 Years
Sonic Drive-In South Hill, VA (b) 564 320 — — 564 320 884 ( 182 ) 2007 9/17/2013 15 to 30 Years
Sonic Drive-In Rockwell, NC (b) 385 385 — — 385 385 770 ( 198 ) 2006 9/17/2013 15 to 30 Years
Sonic Drive-In Aberdeen, NC (b) 564 338 — — 564 338 902 ( 114 ) 1994 9/17/2013 15 to 30 Years
Sonic Drive-In D’Iberville, MS (b) 604 1,171 — — 604 1,171 1,775 ( 76 ) 2005 11/25/2019 9 to 20 Years
Sonic Drive-In Hattiesburg, MS (b) 839 1,109 — — 839 1,109 1,948 ( 67 ) 2010 11/25/2019 9 to 25 Years
Sonic Drive-In Laurel, MS (b) 549 803 — — 549 803 1,352 ( 79 ) 1993 11/25/2019 7 to 14 Years
Sonic Drive-In Bay Minette, AL (b) 551 850 — — 551 850 1,401 ( 78 ) 2000 11/25/2019 8 to 15 Years
Sonic Drive-In Flowood, MS (b) 340 868 — — 340 868 1,208 ( 75 ) 1994 11/25/2019 8 to 14 Years
Sonic Drive-In Knoxville, TN (b) 335 155 — — 335 155 490 ( 39 ) 1987 11/25/2019 2 to 6 Years
Sonic Drive-In Celina, TX (b) 411 199 — — 411 199 610 ( 119 ) 2003 7/25/2016 13 to 20 Years
Sonic Drive-In Gunter, TX (b) 248 250 — — 248 250 498 ( 107 ) 2004 7/25/2016 13 to 20 Years
Sonic Drive-In Keene, TX (b) 343 260 — — 343 260 603 ( 112 ) 2005 7/25/2016 13 to 30 Years
Sonic Drive-In Lavon, TX (b) 404 212 — — 404 212 616 ( 127 ) 2003 7/25/2016 13 to 20 Years
Sonic Drive-In Leonard, TX (b) 323 465 — — 323 465 788 ( 149 ) 2005 7/25/2016 13 to 30 Years
Sonic Drive-In Little Elm, TX (b) 620 244 — — 620 244 864 ( 139 ) 2001 7/25/2016 13 to 20 Years
Sonic Drive-In Melissa, TX (b) 715 609 — — 715 609 1,324 ( 198 ) 2004 7/25/2016 13 to 30 Years
Sonic Drive-In Pilot Point, TX (b) 446 436 — — 446 436 882 ( 160 ) 2000 7/25/2016 13 to 30 Years
Sonic Drive-In Prosper, TX (b) 990 435 — — 990 435 1,425 ( 181 ) 2004 7/25/2016 13 to 30 Years
Sonic Drive-In St. Paul, TX (b) 509 192 — — 509 192 701 ( 132 ) 2003 7/25/2016 13 to 20 Years
Sonic Drive-In Beaumont, TX (b) 580 284 — — 580 284 864 ( 181 ) 2001 8/31/2015 15 to 20 Years
Sonic Drive-In Port Arthur, TX (b) 384 266 — — 384 266 650 ( 165 ) 2002 8/31/2015 15 to 20 Years
Sonic Drive-In Beaumont, TX (b) 777 246 — — 777 246 1,023 ( 185 ) 2000 8/31/2015 15 to 20 Years
Sonic Drive-In Port Arthur, TX (b) 187 256 — — 187 256 443 ( 110 ) 1976 8/31/2015 15 to 20 Years
Sonic Drive-In Beaumont, TX (b) 758 325 — — 758 325 1,083 ( 194 ) 2007 8/31/2015 15 to 30 Years
Sonic Drive-In Orange, TX (b) 541 335 — — 541 335 876 ( 171 ) 2007 8/31/2015 15 to 30 Years
Sonic Drive-In Port Arthur, TX (b) 403 344 — — 403 344 747 ( 183 ) 2004 8/31/2015 15 to 20 Years
Sonny’s BBQ Orlando, FL (b) 1,319 1,424 — 598 1,319 2,022 3,341 ( 216 ) 1997 12/28/2016 7 to 40 Years
1
62
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Sonny’s BBQ Inverness, FL (b) 584 503 — 151 584 654 1,238 ( 125 ) 1998 6/9/2017 10 to 30 Years
Sonny’s BBQ Orlando, FL (b) 1,484 1,415 — — 1,484 1,415 2,899 ( 220 ) 1998 12/28/2016 6 to 40 Years
Sonny’s BBQ Gainesville, FL (b) 1,489 1,241 — 104 1,489 1,345 2,834 ( 211 ) 2000 12/28/2016 6 to 40 Years
Sonny’s BBQ Orlando, FL (b) 1,351 1,404 — — 1,351 1,404 2,755 ( 187 ) 2002 12/28/2016 8 to 40 Years
Sonny’s BBQ Gainesville, FL (b) 1,534 883 — — 1,534 883 2,417 ( 177 ) 1984 12/28/2016 6 to 30 Years
Sonny’s BBQ Oviedo, FL (b) 1,499 1,449 — 264 1,499 1,713 3,212 ( 244 ) 2006 12/28/2016 7 to 40 Years
Sonny’s BBQ Sanford, FL (b) 1,405 1,191 — — 1,405 1,191 2,596 ( 226 ) 1987 12/28/2016 6 to 30 Years
South Carolina Oncology Associates Columbia, SC (b) 3,378 35,153 — — 3,378 35,153 38,531 ( 6,488 ) 2003 12/31/2013 15 to 40 Years
Southern Theatres Mooresville, NC (b) 5,087 6,800 — 1,250 5,087 8,050 13,137 ( 1,819 ) 1999 9/25/2014 15 to 30 Years
Southern Theatres Anderson, SC (b) 5,248 6,437 — 1,250 5,248 7,687 12,935 ( 2,236 ) 2000 9/25/2014 15 to 30 Years
Specialists in Urology Bonita Springs, FL (b) 376 940 — — 376 940 1,316 ( 285 ) 2006 8/30/2012 15 to 50 Years
Specialists in Urology Naples, FL (b) 1,829 4,522 — — 1,829 4,522 6,351 ( 1,294 ) 1978 8/30/2012 15 to 40 Years
Specialists in Urology Bonita Springs, FL (b) 738 4,022 — — 738 4,022 4,760 ( 1,008 ) 2006 8/30/2012 15 to 50 Years
Specialists in Urology Naples, FL (b) 1,057 3,845 — — 1,057 3,845 4,902 ( 965 ) 2012 10/31/2012 15 to 50 Years
Specialists in Urology Fort Myers, FL (b) 903 6,445 — — 903 6,445 7,348 ( 1,546 ) 1989 8/30/2012 15 to 50 Years
Specialists in Urology Naples, FL (b) 1,351 5,368 — — 1,351 5,368 6,719 ( 1,283 ) 2002 8/30/2012 15 to 50 Years
Specialists in Urology Bonita Springs, FL (b) 317 1,619 — — 317 1,619 1,936 ( 420 ) 2003 8/30/2012 15 to 50 Years
Specialists in Urology Cape Coral, FL (b) 545 1,716 ( 231 ) ( 680 ) 314 1,036 1,350 ( 92 ) 2011 8/30/2012 14 to 90 Years
Specialists in Urology Kennewick, WA (b) 353 4,248 — — 353 4,248 4,601 ( 638 ) 2011 3/31/2016 13 to 40 Years
Sportsman’s Warehouse Thornton, CO (b) 2,836 5,069 — — 2,836 5,069 7,905 ( 1,849 ) 2003 10/15/2012 15 to 30 Years
Sportsman’s Warehouse Midvale, UT (b) 2,931 4,844 — — 2,931 4,844 7,775 ( 1,643 ) 2002 10/15/2012 15 to 30 Years
Sportsman’s Warehouse Mesa, AZ (b) 2,040 5,696 — — 2,040 5,696 7,736 ( 1,879 ) 2005 10/15/2012 15 to 30 Years
Sportsman’s Warehouse Phoenix, AZ (b) 2,098 5,338 — — 2,098 5,338 7,436 ( 1,795 ) 2003 10/15/2012 15 to 30 Years
Sportsman’s Warehouse Loveland, CO (b) 2,329 4,750 — — 2,329 4,750 7,079 ( 1,559 ) 2001 10/15/2012 15 to 30 Years
Sportsman’s Warehouse Colorado Springs, CO (b) 2,568 4,842 — — 2,568 4,842 7,410 ( 953 ) 2005 8/31/2016 10 to 40 Years
Sportsman’s Warehouse Williston, ND (b) 2,190 4,132 — — 2,190 4,132 6,322 ( 668 ) 2015 8/24/2015 15 to 50 Years
Sportsman’s Warehouse Bend, OR (b) 1,516 4,850 — — 1,516 4,850 6,366 ( 1,051 ) 2000 8/15/2013 10 to 50 Years
Sportsman’s Warehouse West Jordan, UT (b) 3,055 7,493 — 7 3,055 7,500 10,555 ( 227 ) 2019 12/20/2019 12 to 40 Years
Staples Crossville, TN (b) 668 2,705 — — 668 2,705 3,373 ( 620 ) 2001 7/17/2013 3 to 46 Years
Staples Peru, IL (b) 963 2,033 — — 963 2,033 2,996 ( 632 ) 1998 7/17/2013 1 to 35 Years
Staples Clarksville, IN (b) 991 3,161 — — 991 3,161 4,152 ( 648 ) 2006 7/17/2013 3 to 48 Years
Staples Greenville, SC (b) 742 3,026 — — 742 3,026 3,768 ( 572 ) 2006 7/17/2013 3 to 48 Years
Staples Warsaw, IN (b) 590 2,504 — — 590 2,504 3,094 ( 606 ) 1998 7/17/2013 11 to 44 Years
Staples Guntersville, AL (b) 1,039 2,535 — 11 1,039 2,546 3,585 ( 576 ) 2001 7/17/2013 2 to 46 Years
Starbucks Kingsport, TN (b) 307 766 — — 307 766 1,073 ( 243 ) 2007 7/17/2013 4 to 32 Years
Starbucks Bowling Green, KY (b) 756 205 — — 756 205 961 ( 139 ) 2007 7/17/2013 4 to 39 Years
Starbucks Stillwater, OK (b) 218 1,262 — — 218 1,262 1,480 ( 344 ) 2007 7/17/2013 4 to 32 Years
16
3
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Starbucks Powell, TN (b) 411 353 — — 411 353 764 ( 176 ) 2007 7/17/2013 4 to 26 Years
Stater Bros. Markets Lancaster, CA (b) 1,569 4,271 — — 1,569 4,271 5,840 ( 1,286 ) 1983 12/17/2013 5 to 30 Years
Studio Movie Grill Downey, CA (b) 1,767 12,172 — 2,966 1,767 15,138 16,905 ( 2,514 ) 1997 9/30/2015 15 to 30 Years
Studio Movie Grill Monrovia, CA (b) 2,448 17,849 — 2,966 2,448 20,815 23,263 ( 3,456 ) 2000 9/30/2015 15 to 30 Years
Studio Movie Grill Redlands, CA (b) 4,442 17,859 — 2,966 4,442 20,825 25,267 ( 3,648 ) 1997 9/30/2015 15 to 30 Years
Studio Movie Grill Marietta, GA (b) 2,930 7,616 — 67 2,930 7,683 10,613 ( 1,102 ) 1987 3/15/2017 10 to 40 Years
Sunny Delight Dayton, NJ (b) 12,701 10,723 — — 12,701 10,723 23,424 ( 2,753 ) 1975 10/27/2016 7 to 30 Years
SuperValu Warwick, RI (b) 3,331 3,500 — — 3,331 3,500 6,831 ( 214 ) 1992 7/17/2013
15
to
15
Years
Taco Bell Anderson, IN (b) 363 700 — — 363 700 1,063 ( 398 ) 1995 7/17/2013 8 to 17 Years
Taco Bell Brazil, IN (b) 391 903 — — 391 903 1,294 ( 308 ) 1996 7/17/2013 8 to 33 Years
Taco Bell Henderson, KY (b) 656 1,058 — — 656 1,058 1,714 ( 292 ) 1992 7/17/2013 7 to 35 Years
Taco Bell Martinsville, IN (b) 940 1,128 — — 940 1,128 2,068 ( 318 ) 1986 7/17/2013 4 to 35 Years
Taco Bell Princeton, IN (b) 340 906 — — 340 906 1,246 ( 563 ) 1992 7/17/2013 7 to 15 Years
Taco Bell Robinson, IL (b) 250 1,021 — — 250 1,021 1,271 ( 340 ) 1994 7/17/2013 7 to 33 Years
Taco Bell
Washington, IN (b) 272 949 — — 272 949 1,221 ( 328 ) 1995 7/17/2013 8 to 33 Years
Taco Bell
Moultrie, GA (b) 437 563 — — 437 563 1,000 ( 217 ) 2012 3/29/2013 15 to 30 Years
Taco Bell
Greenville, TN (b) 735 517 — — 735 517 1,252 ( 216 ) 2010 3/29/2013 15 to 30 Years
Taco Bell / KFC
Vincennes, IN (b) 389 1,425 — — 389 1,425 1,814 ( 449 ) 2000 7/17/2013 8 to 30 Years
Taco Bueno
Haltom City, TX (b) 689 804 — — 689 804 1,493 ( 188 ) 1998 6/30/2016 5 to 30 Years
Taco Bueno
Tulsa, OK (b) 835 967 — — 835 967 1,802 ( 192 ) 1978 6/30/2016 5 to 30 Years
Taco Bueno
Abilene, TX (b) 510 818 — — 510 818 1,328 ( 180 ) 1977 6/30/2016 5 to 30 Years
Taco Bueno
Denton, TX (b) 693 884 — — 693 884 1,577 ( 200 ) 1995 6/30/2016 5 to 30 Years
Taco Bueno
Fort Worth, TX (b) 681 928 — — 681 928 1,609 ( 212 ) 1999 6/30/2016 5 to 30 Years
Taco Bueno
Greenville, TX (b) 429 919 — — 429 919 1,348 ( 175 ) 1985 6/30/2016 5 to 30 Years
Taco Bueno
Muskogee, OK (b) 853 767 — — 853 767 1,620 ( 176 ) 1985 6/30/2016 5 to 30 Years
Taco Bueno
Broken Arrow, OK (b) 849 1,020 — — 849 1,020 1,869 ( 200 ) 1986 6/30/2016 5 to 30 Years
Taco Bueno
Tulsa, OK (b) — 20 — ( 20 ) — — — — 1982 6/30/2016 (g)
Taco Bueno
Abilene, TX (b) 1,132 1,292 — ( 10 ) 1,132 1,282 2,414 ( 276 ) 1979 6/30/2016 5 to 30 Years
Taco Bueno
Claremore, OK (b) 903 932 — — 903 932 1,835 ( 207 ) 1985 6/30/2016 5 to 30 Years
Taco Bueno
Lake Worth, TX (b) 427 872 — — 427 872 1,299 ( 168 ) 1983 6/30/2016 5 to 30 Years
Taco Bueno
Grapevine, TX (b) 755 677 — — 755 677 1,432 ( 225 ) 1999 6/30/2016 5 to 20 Years
Taco Bueno
Bedford, TX (b) 694 516 — — 694 516 1,210 ( 168 ) 1977 6/30/2016 5 to 20 Years
Taco Bueno
McKinney, TX (b) 1,289 467 — — 1,289 467 1,756 ( 203 ) 2000 6/30/2016 5 to 20 Years
Taco Bueno
Sapulpa, OK (b) 855 1,030 — — 855 1,030 1,885 ( 227 ) 1987 6/30/2016 5 to 30 Years
Taco Bueno
Arlington, TX (b) 540 1,205 — — 540 1,205 1,745 ( 232 ) 1981 6/30/2016 5 to 30 Years
Taco Bueno
Oklahoma City, OK (b) 474 516 ( 62 ) ( 128 ) 412 388 800 — 1984 6/30/2016 4 to 15 Years
Taco Bueno
Cedar Hill, TX (b) 655 708 — — 655 708 1,363 ( 51 ) 2005 11/25/2019 8 to 20
Years
16
4
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Taco Bueno
Tulsa, OK (b) — — — — — — — — 1986 6/30/2016 (g)
Ted’s Cafe Escondido
Broken Arrow, OK (b) 1,390 2,169 — — 1,390 2,169 3,559 ( 158 ) 2006 11/25/2019 7 to 20 Years
Ted’s Cafe Escondido
Tulsa, OK (b) 1,578 2,385 — — 1,578 2,385 3,963 ( 162 ) 2013 11/25/2019 7 to 20 Years
Terra Mulch Products
Hickory, NC (b) 1,356 5,406 — — 1,356 5,406 6,762 ( 1,451 ) 2006 5/11/2015 10 to 30 Years
Tesla
Maplewood, MN (b) 1,893 6,154 — — 1,893 6,154 8,047 — 1980 12/22/2020 10 to 35 Years
Texas Corral
Shelbyville, IN (b) 549 752 — — 549 752 1,301 ( 373 ) 2006 12/21/2007 15 to 50 Years
Texas Roadhouse
Memphis, TN (b) 1,214 1,412 — — 1,214 1,412 2,626 ( 74 ) 2005 11/25/2019 5 to 33 Years
The Children’s Courtyard
Frederick, CO (b) 334 2,146 — 12 334 2,158 2,492 ( 285 ) 2003 3/31/2017 15 to 30 Years
The Toledo Hospital
Monroe, MI (b) 728 3,440 — — 728 3,440 4,168 ( 1,088 ) 2002 8/18/2014 9 to 30 Years
TI Group Automotive
Lavonia, GA (b) 3,939 7,950 — — 3,939 7,950 11,889 ( 47 ) 2005 11/19/2020 9 to 32 Years
Tire Warehouse
Portland, ME (b) 695 944 — 12 695 956 1,651 ( 66 ) 1993 11/25/2019 5 to 22 Years
TJ Maxx
(f)
Staunton, VA (b) 578 2,063 — 358 578 2,421 2,999 ( 1,188 ) 1988 7/17/2013 5 to 20 Years
Topgolf
Baton Rouge, LA (b) 3,734 9,595 3,450 6,104 7,184 15,699 22,883 ( 1,148 ) 2018 12/10/2018 11 to 45 Years
Tower Automotive
Bellevue, OH (b) 5,344 28,900 — — 5,344 28,900 34,244 ( 1,254 ) 1990 1/28/2020 9 to 30 Years
Tractor Supply
Paw Paw, MI (b) 1,517 1,619 77 — 1,594 1,619 3,213 ( 798 ) 2006 7/17/2013 4 to 33 Years
Tractor Supply
Navasota, TX (b) 1,013 1,772 — — 1,013 1,772 2,785 ( 723 ) 2006 7/17/2013 8 to 41 Years
Tractor Supply
Baytown, TX (b) 1,440 1,712 — — 1,440 1,712 3,152 ( 635 ) 2007 7/17/2013 9 to 39 Years
Tractor Supply
Fredericksburg, TX (b) 1,194 1,636 — — 1,194 1,636 2,830 ( 652 ) 2007 7/17/2013 8 to 42 Years
Tractor Supply
Ashland, WI (b) 462 637 — — 462 637 1,099 ( 573 ) 1975 11/13/2015 15 to 20 Years
Tractor Supply
Liberty, KY (b) 474 945 — — 474 945 1,419 ( 620 ) 2000 11/13/2015 15 to 30 Years
Tractor Supply
La Grange, KY (a) 1,524 1,871 — — 1,524 1,871 3,395 ( 604 ) 2008 7/17/2013 10 to 48 Years
Tractor Supply
Baldwinsville, NY (a) 1,105 2,008 — — 1,105 2,008 3,113 ( 884 ) 2005 7/17/2013 11 to 37 Years
Tractor Supply
Carroll, OH (b) 1,144 4,557 — — 1,144 4,557 5,701 ( 1,764 ) 1976 7/17/2013 3 to 30 Years
Tractor Supply
Mount Sterling, KY (b) 1,785 1,051 — — 1,785 1,051 2,836 ( 634 ) 2011 7/17/2013 12 to 38 Years
Tractor Supply
Ellettsville, IN (a) 894 1,872 — — 894 1,872 2,766 ( 656 ) 2010 7/17/2013 11 to 47 Years
Tractor Supply
Lowville, NY (a) 791 1,659 — — 791 1,659 2,450 ( 555 ) 2010 7/17/2013 12 to 42 Years
Tractor Supply
Malone, NY (a) 793 1,677 — — 793 1,677 2,470 ( 632 ) 2010 7/17/2013 11 to 42 Years
Tractor Supply
Ankeny, IA (b) 687 2,162 116 — 803 2,162 2,965 ( 626 ) 2006 7/17/2013 4 to 43 Years
Tractor Supply
Marinette, WI (b) 1,236 1,611 — — 1,236 1,611 2,847 ( 666 ) 2006 7/17/2013 8 to 38 Years
Tractor Supply
Prior Lake, MN (b) 1,998 2,454 — — 1,998 2,454 4,452 ( 1,083 ) 1991 7/17/2013 7 to 26 Years
Tractor Supply
Fairview, TN (b) 975 2,274 — — 975 2,274 3,249 ( 690 ) 2007 7/17/2013 8 to 47 Years
Tractor Supply
Rockford, MN (b) 1,298 2,652 — 60 1,298 2,712 4,010 ( 878 ) 2007 7/17/2013 9 to 43 Years
Tractor Supply Rome, NY (b) 1,326 1,110 — — 1,326 1,110 2,436 ( 568 ) 2007 7/17/2013 9 to 34 Years
Tractor Supply Parkersburg, WV (b) 966 1,843 — — 966 1,843 2,809 ( 691 ) 2005 7/17/2013 7 to 37 Years
Tutor Time Grand Rapids, MI (b) 393 1,363 — — 393 1,363 1,756 ( 351 ) 2001 3/20/2015 5 to 30 Years
Tutor Time Pittsburgh, PA (b) 457 693 — — 457 693 1,150 ( 443 ) 1985 7/17/2013 5 to 15 Years
Twin Peaks Little Rock, AR (b) 1,112 — — — 1,112 — 1,112 — (e) 11/25/2019 (e)
16
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Twin Tiers Eye Care Elmira, NY (b) 184 3,902 — — 184 3,902 4,086 ( 784 ) 1985 4/30/2015 15 to 30 Years
Twin Tiers Eye Care Binghamton, NY (b) 328 2,214 — — 328 2,214 2,542 ( 453 ) 1985 4/30/2015 15 to 30 Years
Twin Tiers Eye Care Bath, NY (b) 72 707 — — 72 707 779 ( 153 ) 1970 4/30/2015 15 to 30 Years
Twin Tiers Eye Care Corning, NY (b) 123 1,261 — — 123 1,261 1,384 ( 265 ) 1999 4/30/2015
15
to 30 Years
Twin Tiers Eye Care Endicott, NY (b) 92 348 — — 92 348 440 ( 93 ) 2001 4/30/2015 15 to 30 Years
Twin Tiers Eye Care Watkins Glen, NY (b) 113 318 — — 113 318 431 ( 91 ) 2002 4/30/2015 15 to 30 Years
United Ag & Turf Rhome, TX (b) 782 1,543 — — 782 1,543 2,325 ( 48 ) 2006 1/28/2020 8 to 40 Years
United Ag & Turf Mineola, TX (b) 251 731 — — 251 731 982 ( 57 ) 1981 1/28/2020 6 to 15 Years
United Ag & Turf Sulphur Springs, TX (b) 621 2,722 — — 621 2,722 3,343 ( 113 ) 2003 1/28/2020 7 to 38 Years
United Ag & Turf Terrel, TX (b) 219 1,800 — — 219 1,800 2,019 ( 124 ) 1981 1/28/2020 7 to 15 Years
United Ag & Turf Mount Pleasant, TX (b) 168 2,159 — — 168 2,159 2,327 ( 76 ) 1993 1/28/2020 8 to 30 Years
United Supermarkets Childress, TX (b) 747 934 — — 747 934 1,681 ( 374 ) 1997 5/23/2005 7 to 40 Years
United Supermarkets Levelland, TX (b) 1,651 2,158 — — 1,651 2,158 3,809 ( 825 ) 1997 5/23/2005 11 to 40 Years
United Supermarkets Amarillo, TX (b) 1,828 1,292 — — 1,828 1,292 3,120 ( 640 ) 1988 5/23/2005 9 to 30 Years
United Supermarkets Snyder, TX (b) 2,062 2,963 — — 2,062 2,963 5,025 ( 1,131 ) 1999 5/23/2005 14 to 40 Years
United Supermarkets Amarillo, TX (b) 1,573 1,586 — — 1,573 1,586 3,159 ( 783 ) 1989 5/23/2005 9 to 30 Years
United Supermarkets Muleshoe, TX (a) 471 1,770 — — 471 1,770 2,241 ( 574 ) 1999 8/29/2011 15 to 40 Years
United Technologies Corporation Winston-Salem, NC (a) 927 3,455 — — 927 3,455 4,382 ( 1,202 ) 1987 7/17/2013 5 to 40 Years
Universal Tax Systems
(f)
Kennesaw, GA (b) 3,560 23,583 — 33 3,560 23,616 27,176 ( 4,966 ) 1996 7/17/2013 8 to 45 Years
Vacant St. Peters, MO (b) 1,814 5,810 ( 1,166 ) ( 3,568 ) 648 2,242 2,890 — 2007 7/17/2013 1 to 26 Years
Vacant Peoria, IL (b) 2,407 5,452 ( 1,629 ) ( 3,735 ) 778 1,717 2,495 ( 54 ) 2006 7/17/2013 3 to 33 Years
Vacant Conroe, TX (b) 942 3,274 ( 575 ) ( 2,006 ) 367 1,268 1,635 ( 225 ) 1993 7/17/2013 11 to 32 Years
Vacant Princeton, WV (b) 948 2,212 ( 807 ) ( 1,902 ) 141 310 451 ( 18 ) 2001 7/17/2013 4 to 18 Years
Valley Surgical Center Steubenville, OH (b) 363 3,726 — — 363 3,726 4,089 ( 713 ) 2009 8/18/2014 14 to 40 Years
VASA Fitness Westminster, CO (b) 3,264 5,593 — 42 3,264 5,635 8,899 ( 637 ) 2000 11/15/2018 8 to 30 Years
VASA Fitness Taylorsville, UT (b) 1,496 3,593 — — 1,496 3,593 5,089 ( 1,057 ) 1988 11/20/2015 12 to 20 Years
VASA Fitness Oklahoma City, OK (b) 1,289 6,616 — — 1,289 6,616 7,905 — 1988 12/30/2020 13 to 39 Years
Verizon Covington, TN (b) 343 152 — — 343 152 495 ( 146 ) 2007 7/17/2013 3 to 24 Years
Walgreens Albany, GA (b) 961 3,314 — — 961 3,314 4,275 ( 743 ) 2008 7/17/2013 12 to 43 Years
Walgreens Columbus, MS (b) 769 3,475 — — 769 3,475 4,244 ( 745 ) 2004 7/17/2013 11 to 41 Years
Walgreens Seattle, WA (b) 2,589 4,245 — — 2,589 4,245 6,834 ( 938 ) 2002 7/17/2013 9 to 43 Years
Walgreens Crossville, TN (b) 1,890 3,680 — — 1,890 3,680 5,570 ( 837 ) 2001 7/17/2013 7 to 41 Years
Walgreens Jacksonville, FL (b) 521 4,365 — — 521 4,365 4,886 ( 941 ) 2000 7/17/2013 7 to 40 Years
Walgreens LaMarque, TX (a) 464 3,139 — — 464 3,139 3,603 ( 783 ) 2000 7/17/2013 7 to 40 Years
Walgreens Tulsa, OK (b) 741 3,179 — — 741 3,179 3,920 ( 734 ) 1994 7/17/2013 1 to 35 Years
Walgreens Newton, IA (a) 365 4,475 — — 365 4,475 4,840 ( 929 ) 2001 7/17/2013 7 to 44 Years
Walgreens Evansville, IN (a) 1,249 3,924 — — 1,249 3,924 5,173 ( 887 ) 2007 7/17/2013 12 to 44 Years
16
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Walgreens San Antonio, TX (b) 841 3,909 — — 841 3,909 4,750 ( 830 ) 2004 7/17/2013 14 to 40 Years
Walgreens Canton, IL (b) 703 4,098 — — 703 4,098 4,801 ( 898 ) 2006 7/17/2013 12 to 43 Years
Walgreens Memphis, TN (b) 961 5,389 — — 961 5,389 6,350 ( 1,107 ) 2002 7/17/2013 12 to 43 Years
Walgreens Parkville, MO (b) 1,854 2,568 — — 1,854 2,568 4,422 ( 740 ) 2006 7/17/2013 11 to 38 Years
Walgreens DeSoto, TX (a) 1,007 2,313 — — 1,007 2,313 3,320 ( 604 ) 1997 7/17/2013 5 to 40 Years
Walgreens Batesville, MS (a) 421 3,932 — — 421 3,932 4,353 ( 806 ) 2007 7/17/2013 10 to 42 Years
Walgreens Cincinnati, OH (a) 1,527 4,307 — — 1,527 4,307 5,834 ( 959 ) 2000 7/17/2013 7 to 42 Years
Walgreens Gainesville, FL (b) 922 2,705 — — 922 2,705 3,627 ( 636 ) 1998 7/17/2013 4 to 40 Years
Walgreens Madeira, OH (b) 951 3,978 — 67 951 4,045 4,996 ( 848 ) 1998 7/17/2013 5 to 44 Years
Walgreens Houston, TX (b) 1,079 3,582 ( 480 ) ( 1,781 ) 599 1,801 2,400 ( 37 ) 2001 7/17/2013 4 to 33 Years
Walgreens Dallas, TX (b) 735 3,328 — — 735 3,328 4,063 ( 735 ) 1996 7/17/2013 3 to 40 Years
Walgreens Hixson, TN (b) 450 2,025 — — 450 2,025 2,475 ( 173 ) 1997 7/17/2013 40 to 40 Years
Walgreens Kansas City, MO (b) 634 4,341 — — 634 4,341 4,975 ( 952 ) 1997 7/17/2013 4 to 43 Years
Walgreens Kansas City, MO (b) 532 3,549 — — 532 3,549 4,081 ( 859 ) 1998 7/17/2013 4 to 39 Years
Walgreens Kansas City, MO (b) 862 4,367 — — 862 4,367 5,229 ( 957 ) 2000 7/17/2013 6 to 42 Years
Walgreens Kansas City, MO (b) 518 4,234 — — 518 4,234 4,752 ( 929 ) 1999 7/17/2013 6 to 43 Years
Walgreens Knoxville, TN (b) 2,107 3,334 — — 2,107 3,334 5,441 ( 845 ) 2000 7/17/2013 6 to 40 Years
Walgreens Picayune, MS (b) 954 3,132 — — 954 3,132 4,086 ( 682 ) 2006 7/17/2013 10 to 42 Years
Walgreens Olivette, MO (b) 1,816 5,917 — — 1,816 5,917 7,733 ( 1,357 ) 2001 7/17/2013 11 to 42 Years
Walgreens Columbia, MO (b) 1,047 5,242 — — 1,047 5,242 6,289 ( 1,012 ) 2002 7/17/2013 9 to 44 Years
Walgreens Enterprise, AL (b) 1,163 1,612 — — 1,163 1,612 2,775 ( 517 ) 2006 7/17/2013 11 to 37 Years
Walgreens Rome, NY (b) 1,135 3,104 — — 1,135 3,104 4,239 ( 697 ) 2007 7/17/2013 13 to 43 Years
Walgreens Elmira, NY (b) 1,066 4,230 — — 1,066 4,230 5,296 ( 945 ) 2007 7/17/2013 12 to 43 Years
Walgreens Shreveport, LA (b) 1,461 3,605 — — 1,461 3,605 5,066 ( 865 ) 1999 7/17/2013 6 to 40 Years
Walgreens
(f)
Collierville, TN (b) 2,217 14,205 — ( 295 ) 2,217 13,910 16,127 ( 3,136 ) 2002 7/17/2013 3 to 45 Years
Walmart Spencer, IN (b) 971 2,483 — — 971 2,483 3,454 ( 1,238 ) 1987 7/17/2013 4 to 22 Years
Walmart New London, WI (b) 1,008 2,094 — — 1,008 2,094 3,102 ( 1,515 ) 1991 7/17/2013 3 to 18 Years
Walmart Sidney, OH (b) 1,961 69 — — 1,961 69 2,030 ( 16 ) 2001 1/8/2019 7 to 7 Years
Wawa Narberth, PA (b) 1,812 3,163 — — 1,812 3,163 4,975 ( 677 ) 2006 7/17/2013 8 to 46 Years
Wawa Manahawkin, NJ (b) 3,258 1,954 — — 3,258 1,954 5,212 ( 1,273 ) 2001 7/17/2013 8 to 46 Years
Wawa Hockessin, DE (b) 1,921 2,477 — — 1,921 2,477 4,398 ( 752 ) 2001 7/17/2013 8 to 46 Years
Wendy’s Greenville, TX (b) 336 773 — — 336 773 1,109 ( 49 ) 1985 11/25/2019 9 to 21 Years
Whirlpool Bridgeton, MO (b) 10,183 23,664 — — 10,183 23,664 33,847 ( 188 ) 2020 11/10/2020 5 to 31 Years
Winco Foods Eureka, CA (b) 3,108 12,817 — — 3,108 12,817 15,925 ( 2,976 ) 1960 7/17/2013 3 to 40 Years
Winsteads Overland Park, KS (b) 607 123 — — 607 123 730 ( 23 ) 2009 11/25/2019 7 to 21 Years
Yard House Cincinnati, OH (b) 1,370 8,260 ( 29 ) 21 1,341 8,281 9,622 ( 285 ) 2013 11/25/2019 3 to 35 Years
Zaxby’s Jonesboro, GA (b) 679 1,736 ( 69 ) — 610 1,736 2,346 ( 368 ) 2006 7/1/2015 15 to 30 Years
16
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Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
Initial Cost to Company
Cost Capitalized Subsequent to
Acquisition including
impairment
Gross Amount at
December 31, 2020
(d)
Concept
City, State
Encumbrances
(c)
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Land and
Improvements
Buildings and
Improvements
Total
Final
Accumulated
Depreciation
Date of
Construction
Date
Acquired
Life in which
depreciation in
latest
Statement of
Operations is
computed
Zaxby’s College Park, GA (b) 839 1,439 — — 839 1,439 2,278 ( 333 ) 2007 7/1/2015 15 to 30 Years
Zaxby’s Riverdale, GA (b) 741 1,789 — — 741 1,789 2,530 ( 382 ) 2010 9/17/2015 15 to 30 Years
Zips Car Wash Springdale, AR (b) 520 2,032 — — 520 2,032 2,552 ( 421 ) 2005 9/30/2015 15 to 30 Years
Zips Car Wash San Antonio, TX (b) 1,422 1,108 — 110 1,422 1,218 2,640 ( 255 ) 2010 3/29/2017 10 to 30 Years
Zips Car Wash Edmond, OK (b) 644 1,896 — — 644 1,896 2,540 ( 393 ) 2005 9/30/2015 15 to 30 Years
Zips Car Wash Sherwood, AR (b) 1,128 1,388 — — 1,128 1,388 2,516 ( 382 ) 2010 9/30/2015 15 to 30 Years
Zips Car Wash Siloam Springs, AR (b) 991 1,884 — — 991 1,884 2,875 ( 425 ) 2005 9/30/2015 15 to 30 Years
Zips Car Wash New Braunfels, TX (b) 1,261 1,571 — 110 1,261 1,681 2,942 ( 287 ) 2010 3/29/2017 10 to 30 Years
Zips Car Wash Oklahoma City, OK (b) 1,004 1,933 — — 1,004 1,933 2,937 ( 447 ) 2005 9/30/2015 15 to 30 Years
Zips Car Wash Arlington, TN (b) 867 1,487 — — 867 1,487 2,354 ( 347 ) 2010 9/30/2015 15 to 30 Years
Zips Car Wash Oklahoma City, OK (b) 545 1,995 — — 545 1,995 2,540 ( 406 ) 2005 9/30/2015 15 to 30 Years
Zips Car Wash Texarkana, TX (b) 483 1,400 — — 483 1,400 1,883 ( 293 ) 2010 9/30/2015 15 to 30 Years
Zips Car Wash Universal City, TX (b) 1,167 1,440 — 123 1,167 1,563 2,730 ( 286 ) 2011 6/30/2017 15 to 30 Years
Zips Car Wash Converse, TX (b) 1,253 1,493 — 199 1,253 1,692 2,945 ( 381 ) 2011 3/29/2017 10 to 30 Years
Zips Car Wash Seguin, TX (b) 621 1,264 — 110 621 1,374 1,995 ( 283 ) 2010 3/29/2017 10 to 30 Years
Vacant Grove City, OH (a) 2,050 3,288 ( 1,202 ) ( 1,981 ) 848 1,307 2,155 ( 208 ) 2008 7/17/2013 6 to 34 Years
2,109,580 4,225,347 ( 18,988 ) 76,657 2,090,592 4,302,004 6,392,596 ( 850,320 )
(a)
Represents properties collateralized with fixed CMBS debt. See Note 4 for further details.
(b)
Represents unencumbered properties.
(c)
The aggregate cost of properties for federal income tax purposes is approximately $ 5.9 billion at December 31, 2020.
(d)
As of December 31, 2020, the Company held certain direct finance lease and held for sale properties, which are not included in the table above.
(e)
Represents land only properties with no depreciation and therefore date of construction and estimated life for depreciation not applicable.
(f)
Represents the anchor tenant by rent in a multi-tenant property.
(g)
Represents properties that have been fully written down and therefore estimated life for depreciation not applicable.
(h)
Represents one property that is under construction and therefore date of construction and estimated life for depreciation not applicable.
16
8
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule III Real Estate and
Accumulated Depreciation
(Amounts in thousands)
2020
2019
2018
Land, buildings, and improvements
Balance at the beginning of the year
$ 5,750,507 $ 4,757,717 $ 7,281,307
Additions:
Acquisitions, capital expenditures, and reclassifications from held for sale and deferred financing leases
842,891 1,238,020 315,324
Deductions:
Dispositions of land, buildings, and improvements
( 50,853 ) ( 98,445 ) ( 112,430 )
Reclassifications to held for sale
( 69,573 ) ( 119,449 ) ( 11,670 )
Impairments, basis reset due to impairment and other adjustments
( 80,376 ) ( 27,336 ) ( 26,263 )
SMTA Spin-off
— — ( 2,688,551 )
Gross Real Estate Balance at close of the year
$ 6,392,596 $ 5,750,507 $ 4,757,717
Accumulated depreciation and amortization
Balance at the beginning of the year
$ ( 717,097 ) $ ( 621,456 ) $ ( 1,075,643 )
Additions:
Depreciation expense and reclassifications from held for sale
( 177,268 ) ( 145,104 ) ( 165,898 )
Deductions:
Dispositions of land, buildings, and improvements and other adjustments
38,723 32,678 30,381
Reclassifications to held for sale
5,322 16,785 2,372
SMTA Spin-off
— — 587,332
Balance at close of the year
$ ( 850,320 ) $ ( 717,097 ) $ ( 621,456 )
Net Real Estate Investment
$ 5,542,276 $ 5,033,410 $ 4,136,261
16
9
Table of Contents
SPIRIT REALTY CAPITAL, INC.
Schedule IV
Mortgage Loans on Real Estate
As of December 31, 2020
(In thousands)
2020
2019
2018
Reconciliation of Mortgage Loans on Real Estate
Balance January 1,
$ 32,654 $ 45,187 $ 74,612
Additions during period
New mortgage loans
— — 2,888
Deductions during period
Collections of principal
( 31,733 ) ( 10,927 ) ( 26,978 )
Spin-Off to SMTA
— — ( 2,888 )
Amortization of premium
( 921 ) ( 1,606 ) ( 2,510 )
Mortgage loans receivable December 31,
— 32,654 45,124
Mortgage loan loss provisions
— — 63
— 32,654 45,187
Equipment and other loans receivable
— 1,811 1,857
Total loans receivable
$
—
$
34,465
$
47,044
170
Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SPIRIT REALTY CAPITAL, INC.
(Registrant)
By: /s/ Prakash J. Parag
Name: Prakash J. Parag
Title:
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
Date: February 19, 2021
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Jackson Hsieh, Michael Hughes, Prakash J. Parag and Jay Young, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Form
10-K
filed herewith and any and all amendments to said Form
10-K,
and generally to do all such things in our names and in our capacities as officers and directors to enable Spirit Realty Capital, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission in connection therewith, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Form
10-K
and any and all amendments thereto.
Pursuant to the requirements of the Securities and Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Name
Title
Date
/s/ Jackson Hsieh
President, Chief Executive Officer and Director
(Principal Executive Officer)
February 19, 2021
/s/ Michael Hughes
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
February 19, 2021
/s/ Prakash J. Parag
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
February 19, 2021
/s/ Kevin M. Charlton
Director
February 19, 2021
/s/ Todd A. Dunn
Director
February 19, 2021
/s/ Richard I. Gilchrist
Director
February 19, 2021
/s/ Elizabeth Frank
Director
February 19, 2021
/s/ Diana Laing
Director
February 19, 2021
/s/ Sheli Z. Rosenberg
Director
February 19, 2021
/s/ Thomas D. Senkbeil
Director
February 19, 2021
/s/ Nicholas P. Shepherd
Director
February 19, 2021
171
Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SPIRIT REALTY, L.P.
(Registrant)
By:
Spirit Realty Capital, Inc., in its capacity as sole member of Spirit General Holdings, LLC, as sole general partner and on behalf of Spirit Realty, L.P.
By: /s/ Prakash J. Parag
Name: Prakash J. Parag
Title:
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
Date: February 19, 2021
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Jackson Hsieh, Michael Hughes, Prakash J. Parag and Jay Young, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Form
10-K
filed herewith and any and all amendments to said Form
10-K,
and generally to do all such things in our names and in our capacities as officers and directors to enable Spirit Realty Capital, Inc., in its capacity as sole member of Spirit General Holdings, LLC, as sole general partner and on behalf of Spirit Realty, L.P., to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission in connection therewith, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Form
10-K
and any and all amendments thereto.
Pursuant to the requirements of the Securities and Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Name
Title
Date
/s/ Jackson Hsieh
President, Chief Executive Officer and Director
(Principal Executive Officer)
February 19, 2021
/s/ Michael Hughes
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
February 19, 2021
/s/ Prakash J. Parag
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
February 19, 2021
/s/ Kevin M. Charlton
Director
February 19, 2021
/s/ Todd A. Dunn
Director
February 19, 2021
/s/ Richard I. Gilchrist
Director
February 19, 2021
/s/ Elizabeth Frank
Director
February 19, 2021
/s/ Diana Laing
Director
February 19, 2021
172
Table of Contents
Name
Title
Date
/s/ Sheli Z. Rosenberg
Director
February 19, 2021
/s/ Thomas D. Senkbeil
Director
February 19, 2021
/s/ Nicholas P. Shepherd
Director
February 19, 2021
173